Gantry Secures $33M Refi for Seattle-Area Student Housing
- Aug 09, 2021
A partnership between Edmonds College and a private owner and developer has received $32.5 million in refinancing for Triton Court, a 220-bed off-campus student housing complex in Lynnwood, Wash. Gantry helped structure the mortgage, which includes interest-only payments for the entire loan term.
Triton Court is located at 19921 68th Ave. W., across the street from the college campus. Floorplans for the 104 units feature one- to three-bedroom apartments ranging between 550 and 1200 square feet. Students have access to study rooms and laundry facilities on each floor, as well as a free parking area.
The property includes 13,304 square feet of ground-floor retail and 15,250 square feet of office space on the second floor.
The student community, which came online in September last year, is under Edmonds College’s Housing and Residence Life office management.
Gantry Principal Mike Wood and Associate Alex Saunder helped structure the loan.
Uneven trends in the sector
The refinancing package, which retired a previous construction loan, took heed of pandemic-generated disruptions in the student housing sector as well as the lingering uncertainty concerning student presence on campus, Wood said in prepared remarks.
Despite the online education trend spurred by last year’s health crisis, demand for student housing is likely to keep at a steady pace going forward. Enrollment in four-year university programs went up by 24 percent over the past 10 years and a 46 million demographic is expected to reach university enrollment age in the coming decade, according to a Q2 NMHC report.
Nevertheless, as COVID-19 distancing measures are still being reconsidered, operators around smaller universities and colleges are likely to be most impacted by the downturn in occupancy, the same report indicates.
With the start of the fall semester just around the corner, DTN Management’s Colin Cronin sat down with MHN to discuss marketing and management strategies for off-campus student housing in light of health safety regulations.