Gantry Secures Refi for 302-Unit Las Vegas Apartment Community
Gantry secured a $63.2 million permanent loan to retire construction financing for Aspire at Redwood, a class A apartment community located at 6755 West Arby Avenue in southwest Las Vegas. Ovation Development is the property developer/owner.
Aspire offers 302 units in one- and two-bedroom and studio floor plans. Resident amenities include a resort-style pool, yoga and fitness studios, a great room/club house, and a demonstration kitchen. Aspire also sits adjacent to a Sprouts grocery store and a roster of nearby restaurants.
Gantry’s George Mitsanas, Chris Funai, and Austin Ridge, representing Gantry’s Los Angeles (El Segundo) and Las Vegas production offices, were part of the Ovation. The 10-year, fixed-rate loan was secured from one of Gantry’s life company correspondents, offering nearly full-term interest-only, which supports strong cash flow with two years of 30-year amortization. Gantry will service the loan.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout