Gantry has secured an $11.5 million loan for the acquisition of The Life at Highland Village apartment complex located at 8619 East 61 Terrace in Kansas City, Missouri.
The 200-unit garden-style property includes 11 buildings with a mix of one- and two-bedroom units. Gantry’s Mark Reichter, Principal, and Alex Frook, Associate, with the firm’s Kansas City production office, represented the borrower, a private real estate investor. The three-year, fixed-rate loan was provided by one of Gantry’s correspondent insurance company lenders and features an upfront interest-only period followed by 30-year amortization.
“This was a unique assignment for an acquisition transaction that was stalled by a loan default before a successful sale could be concluded by the past sponsorship,” said Reichter. “This loan positions new sponsorship to leverage their local market expertise to improve leasing and occupancy and complete a full renovation for remaining units over time as they guide the property back to full occupancy and stabilization.”
The post Gantry Secures $12M for Kansas City Multifamily Acquisition appeared first on Connect CRE.
