Gantry secured a $22.75 million permanent loan for the University Digs apartment community at 1902 S Broadway St. in Pittsburg, Kansas, directly adjacent to Pittsburg University.
The three-story, 190-unit property features a mix of studio, one- and two-bedroom floorplans. Originally built in 1960, University Digs has undergone extensive renovations since its original construction. Current improvements under the property’s sustained active management include modern kitchen finishes and chrome appliances, in-unit washer/dryer, complementary wi-fi, and hardwood flooring. Property amenities include a pool, clubhouse, volleyball court, pickle ball court, and onsite management.
Gantry’s Mark Reichter, Principal, and Alec Frook, Associate, with the firm’s Kansas City production office represented the borrower, a private real estate investor. The five-year, non-recourse, fixed rate loan was secured from one of Gantry’s preferred CMBS lenders from roster of vetted lenders and features full-term interest only.
