Updated Jun 27, 2025
Gantry Secures $16.2M Loan For Highlander Apartments In Seattle Multifamily Conversion
11501 15th Avenue Northeast
$16,200,000
Units
121
Asset Type
MultiFamily
Closing
Mar 21, 2025
About this deal
AI
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.
On the Map
$16,200,000
MultiFamily
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Players
Seattle MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.98%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93