Gibraltar Properties Closes on $50M Financing for 900-Unit Portfolio

INDIANAPOLIS, IN-Gibraltar Properties has closed on three permanent, fixed-rate loans totaling $49.95-million to pay off the construction financing for three apartment projects in Nebraska and Indiana totaling 901 units. The lender was TIAA-CREF, a life company and pension fund.

Gibraltar is a closely-held real estate holding company based in Indiana. It oversees the acquisition, development, financing and management of 22 multifamily, office, retail and special-use properties located primarily in Indiana.

The 10-year, fixed-rate financing had an 80% loan-to-value ratio and included an interest-only provision for the initial period of the loan. For an 80% loan, the current spread is 135- to 150 basis points above the treasury.