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$21.5M Loan for Tacoma Apartments Secured by Berkadia
Berkadia has secured financing for the acquisition of The Duo Apartments, a new 104-unit multifamily community located in University Place, a suburb of Tacoma, Washington.
Director Michael Manolides and Managing Director Robert Doxsee of Berkadia Seattle, along with Vice President Michael Basinski and Managing Director Brad Williamson of Berkadia Miami, arranged the financing on behalf of the sponsor, a private investor who paid $30.46 million. The lender, Coral Gables-based investment firm Bayview, provided a $21.5 million, five-year, fixed-rate loan with flexible prepayment terms.
“Despite the volatility in the capital markets and the unique nature of the in-progress lease-up, Berkadia was able to find a non-recourse, fixed-rate loan which greatly reduced the sponsor’s interest rate risk over the near term,” said Manolides. Located at 4201 Bridgeport Way West, The Duo Apartments were built in 2023 and feature studio, one- and two-bedroom floor plans.
Image credit: Puget Sound Business Journal
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