Gantry Secures $16.2M Loan For Highlander Apartments In Seattle Multifamily Conversion

The asset involved in this transaction is Highlander Apartments, located at 11501 15th Avenue Northeast, Seattle, WA. This multifamily property consists of 121 market-rate units and was refinanced for an acquisition amount of $16,200,000. The property was converted from an assisted living facility and operates fully leased at rents below 80% of Area Median Income (AMI). It qualified for a Fannie Mae Sponsor Dedicated Workforce Housing loan.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $16,200,000
• Units: 121
• Market: Seattle, WA
• Loan Type: Acquisition

The deal was facilitated by brokers Mike Taylor, Tim Brown, and Mike Wood from Gantry, who played a crucial role in securing the permanent loan for this transaction. Their expertise contributed to the financing aspect, specifically aimed at refinancing the acquisition and conversion of the property.