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CBRE Arranges $67M ReCap Financing for Seattle Area MultiFam
Nick Santangelo, Matt Thorp and Rick Brody of CBRE Capital Markets’ Debt and Structured Finance team have arranged $67 million in financing for the recapitalization of Bella Terra Apartments in Mukilteo, WA. The five-year, floating-rate, full-term, interest-only bank loan was on behalf of a joint venture between Holland Partner Group and Principal Real Estate Investors, which recently purchased the property.
The loan will enable ownership of the 235-unit complex to implement a complete renovation program, including modernizing common areas, refreshing the pool area and renovating all units with premium-level finishes.
Situated in a suburban waterfront community with a rapidly growing population, the Bella Terra features one-, two- and three-bedroom units, including live-work townhomes. The property also provides residents with easy access to multiple transportation hubs.
“CBRE was able to source very accretive debt that fit the structure and needs of the sponsor’s investment horizon,” said Santangelo in a news release.
- ◦Financing
