Gantry has secured a $14.8 million permanent loan to refinance maturing debt for the Latitude Queen Anne apartments located at 500 3rd Ave W in Seattle’s Queen Anne neighborhood.
The mid-rise apartment building offers 76 units in a mix of one- and two-bedroom floor plans. The highly amenitized property features a rooftop deck and is located within walking distance to Myrtle Edwards Park, the Elliott Bay Trail and local restaurants and merchants. Nearby employers include Amazon, Expedia, Facebook, the Gates Foundation, and Holland America.
Gantry’s Mike Wood, Principal, and Tim Brown, Senior Associate, represented the borrower, a private real estate investor. The 10-year, fixed-rate, non-recourse loan was secured from one of Gantry’s correspondent life company lenders and features full-term interest only. Gantry will service the loan.
“Latitude Queen Anne’s sponsorship needed to retire an pending maturity,” said Wood. “After reviewing bank, agency, and life company options, one of Gantry’s correspondent life company lenders offered the right mix of terms.”
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