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July 25, 2024

Gantry finds $40M for Mercer Island units

The Mercer, with its 235 units, was developed in 2005 and 2015 by the late James Cassan in the heart of Mercer Island's town center district. The family still owns the mixed-use complex, also home to several downtown businesses. Gantry recently procured a $40 million refinancing package for the five-story complex. Northwestern Mutual Life was the lender. Arranging the 10-year, non-recourse, fixed-rate loan were Gantry's Alicia Sabanero and Mike Wood; the latter said in a statement, “We continue to identify a variety of attractive loan options in the current cycle for multifamily assets from our roster of life company lenders. These insurance companies remain one of the most consistent sources for permanent debt on stabilized, performing properties. Mercer is a superior Class A property at a superlative location offering strong long-term fundamentals with a conservative client operating and maintaining the property to its best and highest potential.” The Mercer is mere steps from the light-rail station, expected to open last year. Cassan's obituary is fascinating. He went from Boeing engineer, who left when the SST program collapsed, to Dollar Rent-A-Car entrepreneur to commercial real estate, running Dollar Development. He died in January, and is survived by his wife, children and grandchildren.




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