January 28, 2020
Gantry, Inc. secured $30 million of permanent financing for the M Building, a luxury 10-story residential building in the heart of downtown Spokane, WA. Gantry’s Demetri Koston arranged the financing on behalf of an unnamed borrower. The 25-year loan was arranged with one of many life insurance companies Gantry represents in the Inland Northwest.
The M Building is a repositioned and renovated building originally developed in 1914, and occupied by Bon Marche, and then by Macy’s, before the borrower acquired the property in 2016. The property was converted to a 114-unit apartment building, and more than 40,000 square feet of retail space.
The property has quickly become a premier address in downtown Spokane, and offers an unparalleled work/live environment to local residents, notes Koston. There are high-end finishes, parking, and the property is pet-friendly, plus most of the apartment units include vistas. The distinctive property provides further evidence of the continued investment taking place in downtown Spokane.
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