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5/19/23
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Union 505 Apartments, a 572-unit residential community in Albuquerque, NM, was refinanced with a new loan for $45.5 mil. The property is located at 801 Locust Place NE.
The community offers studio, loft, one- and two-bedroom renovated units in a garden-style format. The complex also features a newly remodeled clubhouse with free Wi-Fi, state of the art fitness facility, outdoor sport court, landscaped open space and resort-style pool area.
Gantry’s Adam Parker and Chad Metzger secured the seven-year, fixed rate loan. It was placed with Freddie Mac and features full-term interest-only payments.
Mr. Parker and Mr. Metzger were able to maximize loan proceeds by underwriting the debt-service-coverage ratio using a 35-year amortization instead of the normal 30-year amortization. The borrower wanted to maximize loan proceeds as they were using the cash-out proceeds to purchase another asset.
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