Gantry secured $17.2 million of permanent loans in separate transactions for two suburban Kansas City apartment complexes.
The complexes include the 73-unit Meadowbrook Estates in Warrensburg, Missouri, and the 56-unit Chelsea Apartments in Grandview, Missouri.
Both properties underwent comprehensive renovations in the past two years and include new kitchens with stainless steel appliances and granite countertops, updated flooring and carpet, in-unit washer/dryer, and other improvements.
Gantry’s Mark Reichter, Principal, and Alec Frook, Associate, with the firm’s Kanas City production office secured the loans on behalf of the borrower, an individual private real estate company. Each 10-year agency loan was placed with Fannie Mae, and both feature a fixed interest rate with five-year interest only periods and non-recourse terms.
