Gantry Secures $40M Loan for Mercer Island Multifamily Property in Seattle Area
Gantry, a leading commercial real estate financing firm, has successfully secured a $40 million permanent loan to refinance The Mercer Apartments. Located at 7650 SE 27th Street & 2558 76th Ave. SE on Mercer Island, this premier property is situated in the highly desirable Puget Sound community between Seattle and Bellevue, Washington.
The apartment complex features an attractive mix of studio, one-, and two-bedroom units. Additionally, the street-fronting retail space is fully leased to various tenants including a restaurant, nail salon and interior design studio/showroom.
Leading Gantry’s efforts were Mike Wood (Principal) and Alicia Sabanero (Associate) from their Seattle production office who worked diligently on behalf of the borrower – a private real estate investor. This non-recourse loan provided by one of Gantry’s life company lenders offers an attractive fixed rate with full-term interest-only payments over its ten-year term.
“We are continuously identifying diverse lending options for multifamily properties during this current cycle,” stated Wood confidently regarding securing such favorable terms for his client. “Mercer Apartments stands out as class A property located in an exceptional area that boasts strong long-term fundamentals.” He also noted that his conservative approach towards managing the asset will ensure it reaches its highest potential under his client’s ownership.
This news was originally published by Connect CRE but was made possible thanks to Gantry’s expertise in securing competitive financing solutions tailored specifically for multifamily assets through their extensive network of life company lenders.
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