MERCER ISLAND, WASH. — Gantry has secured a $40 million permanent loan for the refinancing of Mercer Apartments on Mercer Island, a Puget Sound community between Seattle and Bellevue.
Located at 7650 SE 27th St. and 2558 76th Ave. SE, Mercer Apartments features 235 apartments and 20,000 square feet of ground-floor retail space.
The unit mix includes studio, one- and two-bedroom floorplans. Community amenities include barbecue areas, an outdoor heated pool and spa, community clubhouse, fitness facilities and concierge services. A restaurant, nail salon and interior design studio and showroom occupy the retail space.
Mike Wood and Alicia Sabanero of Gantry secured the loan on behalf of the borrower, a private real estate investor. The 10-year, non-recourse loan features a fixed rate with full-term interest-only payments. A life insurance company provided the capital.
