Gantry secured a $11.9 million construction loan for the development of 46 luxury, for-lease townhomes located at 1855 W. River Road in Tucson, Ariz. Featuring two- and three-bedroom units with their own attached private two-car garages, this project also offers community amenities such as a swimming pool with cabanas, barbecue areas and fitness center – marking the sponsor’s second such development in Tucson.
Representing the borrower – an Arizona based developer – Gantry was able to secure financing from an institutional debt fund specializing in new construction lending that included a fixed rate below 10% and interest only terms over three years despite market challenges like rate volatility and fluctuating costs delaying final underwriting of the project. Tim Storey commented on this success: “Even though banks are stepping back from construction lending during this cycle; Gantry still works with hundreds of other capital sources to tailor optimized financing programs for our clients.”
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