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April 6, 2023

Gantry secures $53M for Yesler Terrace units

Up at Yesler Terrace, Vulcan Real Estate completed the 237-unit Cypress over three years ago. Now Gantry has announced a new a new permanent financing package for the apartments, worth about $53.5 million. The unnamed lender was BECU. Gantry's Michael Taylor and Alex Saunders secured the five-year, fixed-rate loan, working in conjunction with Russ Cree of Glacier Real Estate Finance. Taylor said in a statement, “In this financing, we reviewed the full spectrum of options, including other bank, life company and agency sources. Ultimately a credit union was able to provide a loan with the structure, pricing and flexibility that best met the borrower's needs.” Cypress was built by Exxel Pacific, and designed by Runberg Architecture Group. Vulcan is now underway on its 345-unit Cascara, its fourth project at Yesler Terrace.




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