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Gantry lands $22.75M permanent loan for KS student-apartment project
The five-year non-recourse, fixed-rate loan is full-term interest only for the 190-unit University Digs property next to Pittsburg State University.
Gantry has secured a $22.75 million permanent loan for University Digs, an apartment community at 1902 S Broadway St in Pittsburg, Kansas, located directly adjacent to Pittsburg State University, according to ConnectCRE.
The three-story, 190-unit property includes a mix of studio, one- and two-bedroom units. Originally built in 1960, University Digs has undergone extensive renovations since then.
ConnectCRE said the financing is a five-year non-recourse, fixed-rate loan backed by one of Gantry’s preferred CMBS lenders and structured as full-term interest only.
Gantry’s Mark Reichter and Alec Frook represented the borrower, a private real estate investor. Reichter said the project is well located and stabilized, with active management that fits both a traditional multifamily and student housing model due to its proximity to the university, Mercy Hospital, and downtown Pittsburg amenities.