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CBRE Arranges $24M in Financing for Newcastle WA Apartments

CBRE Arranges $24M in Financing for Newcastle Apartments

Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke of CBRE Capital Markets’ Debt & Structured Finance have arranged $24 million in financing for the acquisition of Cedar Rim, a 104-unit apartment community in Newcastle, WA. The firm secured the 10-year, floating-rate loan on behalf of MIG Real Estate.

“Cedar Rim was built in 1981 and renovated between 2006 and 2008,” said Peterson in a news release. “MIG plans to finish interior renovations and will upgrade where needed to the same high-quality standards.”

Located at 7920 110th Ave. SE, the community consists of 13 four-floor buildings on 4+ acres. The units are two-bedroom floorplans and feature keyless smart door locks, smart thermostats, oversize windows and in-unit washers and dryers. Amenities at the lakeside complex include an outdoor lounge, grilling stations, package lockers and a sunbathing deck.

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Inside The Story

CBRE Debt & Structured FinanceScott PetersonCedar Rim ApartmentsMIG Real Estate

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Financing
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