Gantry secures $45.5 million loan for Albuquerque's Union 505 homes

Union 505 Apartments situated at 801 Locust Place NE in Albuquerque. (Courtesy of Gantry).
Gantry, the biggest independent business home mortgage banking firm in the U.S., has protected a $45.5 million irreversible loan to re-finance the Union 505 Apartments located at 801 Locust Place NE in Albuquerque. The 572-unit community provides studio, loft, and one- and two-bedroom renovated systems in a garden design format. The complex likewise features a newly redesigned clubhouse with FREE Wi-Fi, cutting-edge fitness facility, outdoor sport court, landscaped open area and resort-style swimming pool location.

Gantry, a privately held company headquartered in San Francisco, is a full-service home mortgage banking company with a comprehensive lineup of correspondent lenders utilizing Gantry's servicing, closing, and production capabilities.

Gantry's Adam Parker, primary and Chad Metzger, senior associate, with the firm's Phoenix production workplace protected the loan on behalf of the repeat Gantry borrower. The seven-year, fixed rate loan was placed with Freddie Mac, and includes full-term interest just payments. Parker and Metzger had the ability to take full advantage of loan earnings for their client because Fannie Mae agreed to finance the debt-service-coverage ratio using a 35-year amortization rather of the regular 30-year amortization. The borrower wanted to take full advantage of loan earnings as they were utilizing the cash-out profits to acquire another asset.

According to Gantry's Adam Parker, "While we have actually seen some turbulence in the multifamily financing sector early in 2023, Agency lenders remain active and provide essential liquidity to a tightening up capital marketplace. Fannie Mae and Freddie Mac are using competitive rate of interest and aggressive terms for properties that receive their cost tests.".

For more details, please visit gantryinc.com.