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9/24/26
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A private investor has obtained $20.7 mil in permanent loans to refinance maturing debt for two Pacific Northwest multifamily communities located in Washington and Oregon.
The transactions include a $13.3 mil loan for the 134-unit Boxcar Apartments, located at 15 N Grant Street in Spokane, and a $7.4 mil loan for the 70-unit Treehouse Apartments, located at 3440 SW US Veterans Hospital Rd in Portland. Both communities feature modern construction and contemporary interiors, at locations near local employers, universities, and local retail and cultural districts.
Gantry’s Blake Hering, Principal, Charlie Kokernak, Director, and Hrishi Bukshin, Associate, arranged the financing. Both five-year, fixed rate, non-recourse, full-term interest only loans were secured from an institutional balance sheet lender.
“Multifamily continues to enjoy the widest range of potential debt sources, with agencies, life companies, banks, debt funds and CMBS lenders competing for assets that align with their targeted allocations,” notes Hering. “In a volatile rate climate, many borrowers continue to weigh variable rate and recourse-driven options against fixed rate non-recourse permanent debt to maximize debt service coverage at the cost of sustained stability.”
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