Gantry, the largest independent commercial mortgage banking firm in the U.S., and the only national firm with a dedicated office in Spokane to serve the Inland Northwest, has secured a $16.2 million bridge loan to retire construction debt from the development of the 31 South apartments located at 3250 S Southeast Blvd in Spokane’s South Hill district just south of downtown. The recently completed, class A, four-story property features 96-units in a mix of one- and two-bedroom floor plans. Modern interiors include hardwood flooring, stainless steel kitchen appliances, in-unit washer/dryer, and walk in closets. Community amenities include controlled access/secured fob entry, fitness center, clubhouse, and multi-purpose room.
Gantry’s Demetri Koston, Principal, and Tim Brown, Senior Associate, with the firm’s Spokane production office represented the borrower, a private real estate investor. The three-year bridge loan with extensions was secured from an institutional lender from Gantry’s extensive roster of vetted capital sources and features full term interest only.
According to Gantry’s Demetri Koston, “31 South is a modern, class A multifamily product moving through to stabilization after completion last year in one of Spokane’s best neighborhoods. The loan Gantry secured for sponsorship focused on retiring the existing high-rate construction loan at bridge terms with an attractive rate well below extended pricing on the current loan. This structure will provide enhanced value while the building moves through to full stabilization with full-term interest only further enhancing cash flows.”…