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Washington MF Property in Renton Trades for $44M
Marcus Millichap Capital Corporation (MMCC) played several roles in the sale of Sunset Terrace Apartments in Renton, Washington. MMCC represented the equity investors and procured debt for the acquisition.
The mixed-use five-story building is comprised of 108 apartments and 3,986 square feet of retail space, sold for $44 million. Tammy Linden, First Vice President of Capital Markets, facilitated the seller in financing the remaining funds required to complete construction, while arranging $20 million of private investor equity for the acquisition, and procuring $26.55 million of bridge financing.
Linden arranged the debt needed to complete construction, while introducing and assembling the equity investors’ tenancy in common for the acquisition, which included 1031 exchange funds.
Financing was also secured by Linden for the investor’s acquisition bridge financing with terms of interest only for 18 months, at a fixed interest rate of 8.29%, with the transaction closing upon the building receiving its temporary certificate of occupancy.
