Gantry Secures $72M for 4 Senior Communities

1 min read

Transamerica Life Insurance Co. provided the fixed-rate loans.

Image courtesy of Gantry

Norpoint Communities has secured a combined $71.5 million for the refinancing of a four-property age-restricted, active adult community portfolio in the Puget Sound region of Washington State. Gantry Senior Director Jeff Ballaine arranged the separate permanent financings originated by Transamerica Life Insurance Co., public records show. The 15-year, fixed-rate loans feature a 30-year amortization period.

The four assets total 440 units catering to residents at or above the age of 55. Completed between 2000 and 2022, the one-story properties have several retail, entertainment and dining options within a 2-mile radius.

Gantry Senior Director Jeff Ballaine completed the financings. Ballaine said, in a prepared statement, the lenders’ willingness to lock rate at time of application is a primary motivator for many borrowers in what has become a more volatile, rising rate environment.

Active lifestyle communities in West Washington

The 184-unit The Highlands at South Hill in Puyallup was refinanced with a $26 million loan. Located at 502 43rd Ave. SE, the community has two- and three-bedroom units averaging 1,284 square feet, according to Yardi Matrix data.

The second property, which received $25.5 million in refinancing, is at 1001 Deer Harbor Lane NW in Silverdale. The single-family rental community comprises 104 two-bedroom apartments ranging from 1,234 to 1,432 square feet.

The 88-unit Cooper Point Village, situated at 4125 Capital Mall Drive SW in Olympia, received a $10 million refinancing note. It offers two- and three-bedroom units of 1,100 and 1,400 square feet, respectively.

Another $10 million went toward the 64-unit StoneRidge at the Park in Tacoma. Located at 3602 N. Narrows Drive, the single-family rental property has two-bedroom units averaging 1,237 square feet, Yardi Matrix data shows.

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.