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May 9, 2024
Gantry announced its recent refinancing of two apartment buildings, separately owned, for a combined $14.5 million. The larger loan, worth $10 million, went to the 70-unit, 10-year-old Perch on Capitol Hill, which is owned by Laird Norton. And some $4.5 million was supplied to the fairly new 762-unit Trailside (pictured), near University Village, which is owned by Phoenix Property Co. Both loans, from unnamed life insurance companies, are permanent, fixed-rate instruments. Gantry's Colin Ceithaml and Mike Wood secured the funding; the latter said in a statement, “Our production teams continue to identify viable loan options for high quality multifamily assets like the Perch and Trailside apartments, despite a challenging market climate for commercial real estate finance.”