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June 29, 2023

Gantry secures $12M for Auburn refi

Gantry's Seattle office announced its recent $12.1 million refinancing deal for the 83-unit Park at Auburn. The firm's Mike Wood and Alex Saunders led the effort on behalf of longtime local owners of the 1981 Auburn building, which is fully leased with affordable rents. The money cane from Fannie Mae, and the loan carries a seven-year term with interest-only payments. Wood said in a statement, “For any property that can meet agency affordability requirements,” meaning those of Fannie Mae and Freddie Mac, “options can be even more generous in the current cycle, especially appealing to owners looking to refinance in a higher rate environment.” Of the owners and borrowers, he said, “This put them in a position to refinance the property and repatriate equity from significant proceeds at conservative leverage with an attractive rate and interest-only terms for the loan.”




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