Gantry has secured a $73 million permanent loan to refinance the Prairie Creek Apartments & Townhomes located at 9395 Scarborough Street in Lenexa, Kansas, a suburb of the greater Kansas City MSA.
The 425-unit, master-planned apartment community features a mix of garden-style and townhome buildings with one-, two-, and three-bedroom floor plans. Amenities include a clubhouse with billiards, media room, business center, fitness center, resort-style pool with outdoor kitchen and grilling area, full-size sports court for basketball and tennis, car wash facility, and a playground.
Gantry’s Mark Reichter, principal, and Alec Frook, associate, with the firm’s Kansas City production office, represented the borrower, a private real estate investor. The five-year, fixed-rate, non-recourse loan was secured through Fannie Mae and includes partial full-term interest only. “In a competitive multifamily debt market, high-quality, stable assets like this class A community in Lenexa have a range of options when refinancing with permanent debt,” said Reichter.
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