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500 Belmont Avenue East

Gantry Secures $14.5M Loans For Seattle Multifamily Properties
FINANCEDMultiFamily

Gantry Secures $14.5M Loans For Seattle Multifamily Properties

500 Belmont Avenue East & 4801 24th Avenue Northeast

$14,500,000

Building Size

Asset Type

MultiFamily

Closing

May 7, 2024

AI

The two Seattle multifamily properties, Perch and Trailside Apartments, located at 500 Belmont Avenue East & 4801 24th Avenue Northeast, have secured a $14.5 million permanent loan through Gantry. The fixed-rate debt will support these assets in the Seattle, WA market.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $14,500,000
  • Address: 500 Belmont Avenue East & 4801 24th Avenue Northeast
  • Market: Seattle, WA
  • Brokers: Colin Ceithaml & Mike Wood - Gantry

Gantry played a crucial role in securing the $14.5 million permanent loans for Perch and Trailside Apartments in Seattle. The brokers, Colin Ceithaml and Mike Wood from Gantry, facilitated the deal, ensuring a successful financial arrangement for these multifamily properties.

Players

Mike Wood

Gantry

Broker

$200.8M

vol

15 deals

Broker

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

1.09%

Cash-on-Cash

-0.31%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93