Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $24.4 million permanent loan as construction takeout financing for the Edison at Chapel Hills apartments. The property is located at 970 Menlo Park Point within the Briargate neighborhood of Colorado Springs, a top-ranked master planned community in the city's northwest region. The recently completed and stabilized Class A multifamily community features three four-story buildings on approximately seven acres offering 171 units in studio, one-, two- and three-bedroom floor plans.
The 10-year, non-recourse, fixed rate loan was secured from Freddie Mac and includes partial term interest only followed by 35-year amortization. Gantry's Joe Monteleone, Principal, and Bonnie Monteleone, Senior Associate, represented the borrower, a private real estate investor. In-home amenities include high ceilings, modern kitchens, premium vinyl plank flooring, and in-unit washer/dryer. Property amenities include a heated pool, 24-hour fitness center, golf simulator, pet spa, dog park, EV charging, and garage parking.
Monteleone said Gantry continues to track loan programs for stabilized, recent vintage multifamily construction, with life companies and agencies competing aggressively on spread and terms for attractive permanent debt on performing assets. He added that Freddie Mac's current 10-year program for stabilized assets allowed the borrower to maximize proceeds, secure a brief interest only period to support heightened front end cash flows, and position the asset long-term for a legacy hold investment strategy. Gantry reports more than 30 years of loan-production experience and a national servicing portfolio totaling $23 billion.
The report does not disclose the loan's interest rate, the borrower's identity beyond being a private real estate investor, or the property's occupancy and rent levels at stabilization. It also does not specify the construction lender being taken out or the timing of the loan closing. Because the information comes from a single secondary source, the financing terms and property details have not been independently corroborated.