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April 18, 2021
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Washington Res Community Acquired by a Tenant-in-Common Group in a $34 Mil Deal


Northern Heights Apartments, a 232-unit multifamily community in Airway Heights, WA, was purchased by a private Tenant-in-Common (TIC) investment entity in a recent $34 mil ($146.5k/unit) deal. The acquisition was financed with a $20.8 mil, Fannie Mae loan secured by Gantry.

The property, located at 802 S Garfield Rd, is situated just north of Hwy 2 and is close to two casinos, numerous restaurants, downtown Spokane, and ample hiking, biking, and climbing. The complex offers a mix of studio, one-bedroom, two-bedroom and three-bedroom units. Community amenities include a movie theater, 24-hour fitness center, BBQ/firepit area, hot tub and a clubhouse.

Gantry’s Demetri Koston and Joyce Chen structured the loan on behalf of the borrower. The 15-year loan boasts favorable terms, including a fixed interest rate with an interest-only payment structure for the majority of the term.

“The TIC ownership entity is an appealing structure for private investment in real estate, however it can present underwriting challenges as each participating investor needs to be vetted during the process,” noted Koston. “Gantry championed the borrower’s long-term plans for the property, securing the most favorable terms available for the loan and bolstering lender confidence by clearly articulating the strong fundamentals of Spokane”

The Spokane region, with its growing relevancy in technology and logistics and historic strengths in agriculture and destination travel, has weathered the many disruptions of 2020 in resilient fashion, with regional expectations for a strong 2021 and renewed growth expected to emerge by mid-year across the region’s diversified economy.

Gantry completed $3 bil of commercial mortgages during 2020 across a company record 411 transactions. Additionally, the fourth quarter of 2020 saw $1 bil of new loans over 124 transactions, representing the strongest production quarter in company history.

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