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JLL Lines Up $79M Refi for Puget Sound Apartments

JLL has arranged the $79 million refinancing of Marina Square, a 270-unit, newly built, luxury apartment community located on the Puget Sound waterfront in Bremerton, Washington.

The JLL Capital Markets Debt Advisory team was led by Senior Director Seth Heikkila, Senior Managing Director Tom Wilson and Associate Steve Petrie, who represented the borrower, Sound West Group, to secure the five-year, floating-rate loan through TPG Real Estate Credit. Sound West Group was named by NAIOP as the 2023 Developer of the Year, with Marina Square recognized as the 2023 Mixed-Use Development of the Year.

Marina Square features studio, one-, and two-bedroom units. The building’s current retail tenant is The Market at Marina Square, and future tenants will include a YMCA and waterfront restaurant. Situated at 280 Washington Avenue within an Opportunity Zone, Marina Square is just steps away from the Bremerton Ferry Terminal and Bremerton Boardwalk.

“Over the next several years, market dynamics in Bremerton are forecasted to outperform relative to most of the country, driven in large part by exciting new developments with the Puget Sound Naval Shipyard and Naval Base Kitsap.”

JLL Senior Director Seth Heikkila

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.


Inside The Story

JLLSound West GroupTPG Real Estate Credit

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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