San Fransisco-based Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $32 million of financing to recapitalize the River Run Apartments, a 117-unit multifamily community strategically positioned on the Eagle River with near equidistant access to the Vail and Beaver Creek mountain resorts from the town of Avon.
The property offers a mix of two- and three-bedroom units in a garden-style format, leased for year-round occupancy with amenities including a clubhouse and executive business center.
Gantry’s Adam Parker, principal, and Chad Metzger, senior associate, with Gantry’s Phoenix production office, secured the financing on behalf of the borrower, a private real estate investor. The five-year agency loan was placed with a fixed rate and features interest-only payments for the entire loan term. Proceeds from the recapitalization will be used to make future acquisitions.
According to Gantry’s Adam Parker, “Lending conditions have changed significantly in the last six months, especially for cash-out loan requests; however, Agency lenders have continued to provide liquidity to a marketplace that has seen many other lenders tighten underwriting criteria. The River Run Apartments sponsor needed a fast execution with a high certainty of execution, so we processed a Fannie Mae loan in less than 40 days that offered interest-only payments through the entire loan term and allowed us to take advantage of an early rate lock.”
