Investor Secures $20.7 Million Refinancing for Multifamily Properties in Washington and Oregon
United States | September 24, 2026: A private investor has secured $20.7 million in permanent financing to refinance maturing debt on two multifamily communities in the Pacific Northwest, highlighting continued lender demand for stabilized apartment properties despite a volatile interest-rate environment.
The refinancing covers the 134-unit Boxcar Apartments in Spokane, Washington, and the 70-unit Treehouse Apartments in Portland, Oregon, with both properties receiving five-year fixed-rate, non-recourse loans.
$20.7 Million in New Loans Across Two Apartment Communities
The refinancing package includes:
- Boxcar Apartments, Spokane: $13.3 million for 134 units
- Treehouse Apartments, Portland: $7.4 million for 70 units
- Combined financing: $20.7 million
Both properties feature modern construction and contemporary interiors and are located near employment centres, universities, retail and cultural districts.
Why the Refinancing Matters
The transactions allow the investor to replace maturing debt with new permanent financing rather than leaving the properties exposed to an immediate refinancing requirement.
Both loans carry a five-year fixed rate and are structured as non-recourse, full-term interest-only loans.
The structure provides greater certainty around debt costs during the loan term while preserving the property's existing financing strategy.
Spokane and Portland Multifamily Assets Get Institutional Financing
The Spokane property, Boxcar Apartments, contains 134 units and is located at 15 N Grant Street.
The Portland property, Treehouse Apartments, contains 70 units and is located at 3440 SW US Veterans Hospital Road.
The combined portfolio therefore represents 204 apartment units backed by the new financing.
The transactions were arranged by Gantry's Blake Hering, Charlie Kokernak and Hrishi Bukshin, with an institutional balance-sheet lender providing the loans.
Fixed-Rate Debt Offers More Visibility for Owners
The financing comes as multifamily owners continue to evaluate different debt structures in an uncertain rate environment.
Fixed-rate permanent debt can provide borrowers with greater predictability in debt-service costs compared with variable-rate financing, although the trade-off can include different pricing and flexibility considerations.
The loans are also non-recourse, meaning the lender's recovery is generally tied to the collateral and agreed loan structure, subject to the specific terms and exceptions in the financing documents.
Lenders Continue to Compete for Multifamily Properties
Gantry Principal Blake Hering said multifamily properties continue to have access to a broad range of potential debt sources, including agencies, life companies, banks, debt funds and CMBS lenders.
That competition can give owners multiple refinancing options when existing debt approaches maturity, particularly for properties that fit lenders' targeted investment criteria.
The availability of financing, however, can vary based on property performance, location, borrower profile, leverage and prevailing interest rates.
What This Means for Pacific Northwest Multifamily Owners
The transactions show that refinancing remains available for established multifamily properties in major Pacific Northwest markets, even as owners navigate changing borrowing conditions.
For owners approaching loan maturity, key factors to monitor include:
- Current property valuation
- Net operating income and debt-service coverage
- Existing loan maturity
- Fixed versus variable-rate options
- Recourse requirements
- Refinancing costs
- Current lender appetite for the property type
What Happens Next
The two five-year loans provide the properties with new permanent financing through the next phase of their ownership cycle.
For the wider multifamily market, the transactions point to continued lender competition for apartment assets that meet institutional underwriting requirements, while owners remain focused on balancing financing stability against the cost and flexibility of different debt structures.