Gantry has secured a $16.2 million bridge loan to retire construction debt from the development of the 31 South apartments located at 3250 S Southeast Blvd in Spokane’s South Hill district, just south of downtown.
The recently completed four-story property features 96-units in a mix of one- and two-bedroom floor plans. Modern interiors include hardwood flooring, stainless steel kitchen appliances, and walk-in closets.
Gantry’s Demetri Koston, Principal, and Tim Brown, Senior Associate, with the firm’s Spokane production office, represented the borrower, a private real estate investor. The three-year bridge loan with extensions was secured from an institutional lender.
“The loan Gantry secured for sponsorship focused on retiring the existing high-rate construction loan at bridge terms with an attractive rate well below extended pricing on the current loan,” said Koston. “This structure will provide enhanced value while the building moves through to full stabilization with full-term interest only, further enhancing cash flows.”
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