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NewPoint Provides $87M Financing for Burien Multifamily
NewPoint Real Estate Capital, LLC has provided an $87 million Freddie Mac floating-rate loan on behalf of Harbor Group International, LLC, for the acquisition of a 543-unit multifamily community in Burien, WA. The 44-building property, named Alcove at Seahurst, is located about nine miles south of Downtown Seattle.
With an interest-only period of five years, the seven-year loan provides Harbor with the opportunity for renovation of the 74-year-old complex. The Alcove at Seahurst apartments range from one- two- and three-bedrooms and 99% of the units are affordable at 80% of AMI.
“Alcove at Seahurst will see high demand given its affordability and the lack of new supply in the surrounding area,” said Greg Heller at Harbor Group International. “Our investment strategy hinges on pairing acquisitions with prudent leverage and the best loan terms available. The NewPoint team confidently delivered during a challenging environment.”
- ◦Financing
