The class B, garden-style apartment community includes 55 total units, featuring a mix of one- and two-bedroom floorplans.
Gantry, the largest independent commercial mortgage firm in the U.S., has secured a $8.5 million permanent loan to refinance the Rose Garden Apartments located at 21008 N 23rd Avenue in Phoenix.
Gantry’s Adam Parker, Principal, Chad Metzger, Senior Associate, and Andrew Christopherson, Associate, with the firm’s Phoenix production office represented the borrower, a private real estate investor. The 10-year, fixed rate loan was secured from Fannie Mae and features half-term interest only transitioning to 30-year amortization at year six.
According to Gantry’s Adam Parker, “On every client assignment, Gantry’s goal is to identify the best financing option to meet a client’s specific investment plan. This new agency loan provided the Sponsor with some cash-out while also lowering the Sponsor’s interest rate. Even at a higher loan amount, the new 10-year fixed rate loan provided a lower annual payment which meant more cash flow for the Sponsor. The combination of cash-out dollars, lower annual payment, and a 10-year fixed rate met all the borrower’s requests.”
At Gantry, independent thinking is in our genes. As a privately held firm, we take an intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With over 30 years of experience of loan production and managing a national servicing portfolio approaching $24 billion, our firm leverages a well-established correspondent-driven platform to construct the best financing solutions for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different.
