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March 27, 2025

Gantry secures $16M refinancing in Pinewood

Two years ago, Guntower Capital acquired an empty senior community, then called Cogir of Northgate, in the Pinehurst area. It reopened as the Highlander apartments earlier this year, with 121 units priced for workforce-level tenants. Now the ownership has benefited from a $16.2 million Fannie Mae loan arranged by Gantry, the latter firm announced last week. Its Mike Wood, Mike Taylor and Tim Brown led the refinancing effort. Wood said in a statement, “The transformation of the Highlander apartments from a dated assisted living facility to a contemporary apartment community is a testament to successful value-add investing. The redevelopment of this asset into workforce housing opened the door to agency programs that reward project sponsors with exceptionally attractive terms.” Because the Highlander is affordable to households earning up to 80% of area median income, it's eligible for Fannie Mae's Sponsor Dedicated Workforce Housing program.




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