Grand Pacific Provides Chance to Acquire New-Construction Property in Growth Path

Grand Pacific, a 134-unit garden-style multifamily property, recently sold for $33.5 million. The asset is located at 7015 South D St. in Tacoma.

Kenny Dudunakis, Ben Johnson, David Sorensen, Steven Chattin, Mitchell Belcher, Jay Timpani and Chad Blenz of Berkadia Seattle completed the sale on behalf of the seller, Grand Pacific LLC.

“Grand Pacific provided an excellent opportunity for the buyer to acquire a fantastic new-construction garden-style property in a dynamic neighborhood of Tacoma,” said Johnson. “The Pierce County market, and specifically Tacoma, has seen significant rent and employment growth over the past few years and the forecast for additional growth is astounding. The market remains extremely competitive for assets of this quality, vintage and size, and Grand Pacific is a perfect legacy asset for the buyer’s existing portfolio of Pacific Northwest real estate holdings.”

Robert Doxsee, also of Berkadia Seattle, secured the $24.749 million in acquisition financing on behalf of the buyer. The one-year bridge loan financed through Berkadia features a 4 percent interest rate.

“We were able to provide a loan with a 74 percent loan-to-value to the client, which enabled the buyer to make an offer and close on the property prior to it being stabilized,” said Doxsee. “Overall, the financing gave the buyer the leverage, terms and timing they needed to make the purchase happen.”