Gantry Secures $12M Refi for Affordable Housing Community
The owner obtained the financing through Fannie Mae.
Gantry has secured a $12.1 million refinancing loan for The Park at Auburn, an 83-unit affordable housing community in Auburn, Wash.
After meeting affordability requirements, the seven-year and interest-only loan was secured through Fannie Mae. The lender was also able to size the loan utilizing a 35-year amortization/1.25x debt service coverage ratio, which resulted in additional loan proceeds.
Completed in 1981, the garden-style community encompasses eight buildings with one-, two- and three-bedroom floorplans ranging from 380 and 780 square feet. Common-area amenities include a playground, laundry facilities and approximately 100 parking spaces.
Located at 510 M St. SE, The Park at Auburn is situated in an area with several retail centers, dining options and green spaces. The community is close to the intersection of Routes 18 and 167, which provide direct access to downtown Seattle. Auburn Municipal Airport, Green River College and Game Farm Park are within a 3.5-mile radius from the property.
Gantry’s Principal Mike Wood and Associate Alex Saunders arranged the financing on behalf of the owner, a private investor. The independent commercial mortgage banking firm has recently secured a $17.7 million acquisition loan through Freddie Mac, for a 124-unit multifamily community in Tempe, Ariz. Chicago-based 29th Street Capital acquired the property for $28.3 million.