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1/06/26
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Gabilan Creek Apartments, a new 50-unit multifamily development in Salinas, has received permanent financing of $13.7 mil to take-out the maturing construction debt on the now-finished project.
Delivered in February 2025, Gabilan Creek Apartments is located at 1487 Constitution Blvd in Salinas, the largest city in Monterey County. The garden style community features one- to four-bedroom floorplans within a gated three-building community. Class A finishes and amenities include hardwood flooring in living areas, plush carpeted bedrooms, modern appliances, in-unit washer/dryer, secured arrival gate, security patrols and covered carports.
The property is located within the master plan for Creek Bridge Village shopping center, offering convenient access to the center’s Safeway grocery and wide array of other retail concepts including restaurants, entertainment, health and wellness, dental, beauty and professional services. Gabilan Creek is also strategically located near Natividad Medical Center with ready access to the 101 freeway, the region’s major transit corridor.
Gantry’s Tom Dao and Erinn Cooke represented the borrower, a private real estate investor. The 35-year, fixed rate loan was secured via HUD and features prepay flexibility after year ten. According to Dao, for projects that can accommodate a longer closing timeline, HUD financing is often one of the best options for multifamily borrowers—delivering maximum proceeds at a low fixed rate in a non-recourse, permanent debt structure.
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