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February 25, 2024
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Student Housing Project at Washington Community College Lands $32 Mil Refi


A newly completed, privately-built, off-campus student housing mixed-use project adjacent to Edmonds College, a community college in Lynnwood, WA, was just refinanced with a new loan for $32.5 mil. The financing was arranged by Gantry.

The project, Triton Court, features 104 units with 220 total beds of multifamily housing serving students. The property includes 13.3k sf of ground floor retail space and an additional 15.3k sf of office space on its second floor. The property is the result of a quasi-public/private partnership, wherein a private developer built and owns the complex managed and programmed by Edmonds College’s Housing and Residence Life office.

Gantry’s Mike Wood and Alex Saunders arranged the deal for the borrower, a privately held LLC. The loan was placed with a debt fund and offers a competitive interest rate with payments on an interest-only basis for the entire loan term.

According to Wood, the transaction entailed retiring maturing construction debt with a refi structure and rate reflecting the quality of the property, its strong fundamentals and legacy potential. The project was built to serve the long-term needs of Edmonds College students by providing a campus-adjacent housing environment programmed for scholastic collaboration, community building and student safety.

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