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Terra Verde Gets Financing for Acquisition and Reno
Debt and equity financing was recently assembled for the acquisition and renovation of Terra Verde Apartments, a 65-unit fractured condominium apartment building in Everett, WA. Developed in 1980 as apartments, the property underwent a failed conversion to condominiums in 2009.
Danny Natsch and Matt Illias of Ethos Commercial Advisors arranged 95 percent of the capital stack that included $15.3 million in bridge financing and $4.8 million in joint venture equity. The debt facility featured a rate in the low 2 percent range and represented 75 percent loan-to-cost for the acquisition and renovation of the project. A holdback was also structured for the acquisition of the remaining condo units. The joint venture equity was placed an institutional private equity firm based out of Columbus, OH.
Terre Verde features a clubhouse, off-street parking with carports, and two-bedroom units averaging 1,104 square feet.
- ◦Sale/Acquisition
