Gantry secured a $10 million loan to recapitalize existing debt on the Hillside Apartments at 111 Hillside Drive in Independence, Missouri, an eastside suburb of the greater Kansas City MSA.
The garden-style, three-story complex offers 108 units in studio, single and two-bedroom floorplans across 14 buildings. The fully stabilized property underwent a complex-wide renovation, and units now feature new kitchens with stainless steel appliances and granite countertops, updated flooring and carpet, with included washer/dryer.
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 seven-year, fixed rate loan was secured through Fannie Mae and includes an interest-only introductory period transitioning to 30-year amortization.
