Gantry Secures $15M Construction-to-Permanent Loan for Seattle Multifamily
Gantry has secured a $14.6 million construction-to-permanent loan for the Milano Issaquah Apartments, planned for delivery at 2300 Newport Way NW in Issaquah, just east of Seattle, Washington.
Strategically located within the Central Issaquah Plan Area near major local employers, including Costco’s global headquarters, and with ready access to I-90, the project is slated for 65 class units in a midrise structure. The property will include studio, one-, and two-bedroom units across four stories, with two stories of underground parking.
Gantry’s Principal Mike Wood and Senior Associate Tim Brown represented the borrower, a private real estate investor. The ten-year, fixed-rate loan features both recourse and non-recourse periods and was secured from a regional credit union, including partial-term interest-only payments transitioning to 30-year amortization. “Where projected rents support and demonstrable demand exists, we continue to see highly accessible debt options for construction financing in a competitive lender marketplace,” said Wood.
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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