August 12, 2020
Gantry Inc. secured $9,814,800 in permanent financing for The Lake Apartments, a newly-constructed, 46-unit multifamily property in Coeur d’Alene, ID. Gantry’s Demetri Koston and Joyce Chen arranged the 12-year fixed term Fannie Mae refinancing, which includes a $1.5-million cash-out.
Gantry’s Koston says, “Gantry exclusively represented the borrower in tapping our wide array of lending relationships including Fannie Mae and Freddie Mac, CMBS, local banks and credit unions. Given the borrower’s preference for cash-out, non-recourse, and interest-only terms, it was determined that Fannie Mae’s offering was the best fit.”
The Class A luxury apartment development was delivered this year and consists of three interconnected buildings. The property contains a mix of studio, one-, two-, and three-bedroom units situated on a 1.02-acre lot at 809 E. Mullan Ave. located near downtown.
“The high-end property sets the market on new rents, which created challenges to secure comps,” added Koston.
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