Gantry Secures $51M of CMBS Financing for Kansas City Value-Add Multifamily
Gantry has secured a total of $50.75 million in two permanent loans to refinance post-construction bridge debt for a pair of recently repositioned and comprehensively renovated apartment communities in Kansas City.
Now stabilized, both assets offer modern finishes and upgraded common areas, with studio, one-, two-, and three-bedroom floor plans. The 222-unit Palisades Apartments is located at 4018 Harvard Lane in Kansas City’s Eastside submarket. Mayfair Apartments, a 133-unit property, is located at 12942 Wornall Rd in Kansas City’s Woodbridge residential neighborhood.
Gantry’s Mark Reichter, Principal, and Alec Frook, Associate, represented the borrower, a private real estate investor. The five-year, fixed-rate, non-recourse loans were secured through one of Gantry’s preferred CMBS affiliates. Gantry will service the loans for the lender.
“In today’s market, debt liquidity for quality multifamily is abundant and accessible,” said Reichter. “Both Palisades and Mayfair are now stabilized and cash flowing after significant renovations and repositioning.”
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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