NewPoint Provides $87M Financing for Burien Multifamily
NewPoint Real Estate Capital, LLC has provided an $87 million Freddie Mac floating-rate loan on behalf of Harbor Group International, LLC, for the acquisition of a 543-unit multifamily community in Burien, WA. The 44-building property, named Alcove at Seahurst, is located about nine miles south of Downtown Seattle.
With an interest-only period of five years, the seven-year loan provides Harbor with the opportunity for renovation of the 74-year-old complex. The Alcove at Seahurst apartments range from one- two- and three-bedrooms and 99% of the units are affordable at 80% of AMI.
“Alcove at Seahurst will see high demand given its affordability and the lack of new supply in the surrounding area,” said Greg Heller at Harbor Group International. “Our investment strategy hinges on pairing acquisitions with prudent leverage and the best loan terms available. The NewPoint team confidently delivered during a challenging environment.”
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.