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CBRE Arranges $67M Recapitalization Financing for Seattle Area Multifamily

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.

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CBRE Debt and Structured FinanceHolland Partner GroupPrincipal Real Estate Investors

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.

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