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June 1, 2023
Completed last year at 841 N.E. 68th St., steps from the light rail station, Fireside Flats has refinanced its old construction loan from Bank OZK. That news came from Gantry, which secured $22 million in new money from State Farm Life Insurance. Gantry says the note carries a fixed-rate, 10-year term. Its Alex Saunders and Mike Wood arranged the deal. Wood said in a statement, “This has been a volatile season for the capital markets for sure, however our correspondent life companies understand multifamily, have an appetite for quality projects and are actively pursuing new originations at attractive fixed rates, even as bank lenders pull back from their lending programs.” The six-story, 102-unit project was developed by Pastakia + Associates, working with Encore Architects and Compass Construction.