Gantry Inc. has secured $20 million in Freddie Mac financing for The Lodges at Lake Salish Apartments, a 203-unit community in Fairview, Ore. The firm’s Blake Hering, Matt Illias and Heather Kegler arranged the 10-year, full-term, interest-only loan on behalf of Oregon Pacific Investment & Development Co.
The well-capitalized borrower met Freddie Mac’s stricter reserve requirements put in place in the early days of the coronavirus pandemic. Proceeds refinance a $13 million loan from Nationwide Bank due in October, according to Yardi Matrix data.
Situated at 20699 NE Glisan St. on the shores of East Salish Pond, the 2004-built community has 18 two- and three-story structures on 7.5 acres. The unit mix features one- and two-bedroom apartments averaging 966 square feet. Amenities include a clubhouse, movie theater, fitness center, outdoor pool and spa.
Located 1 mile south of Interstate 84 adjacent to Salish Ponds City Park, the apartments are some 15 miles east of downtown Portland. The 425,000-square-foot Wood Village Town Center retail property is 1 mile east of the asset.
In early August, a Gantry team secured nearly $10 million for a 46-unit luxury community in Coeur d’Alene, Idaho. Demetri Koston and Joyce Chen arranged the refinancing deal.