The upscale, garden-style development consists of several two-story structures each with between 12 and 18 units. The development includes a full amenity package, including a pool and a clubhouse.
Peter Norrie, the Cohen Financial broker who sourced the loan through AegonUSA Realty Advisors, tells GlobeSt.com the project was completed within the last six months and leased up rather rapidly. It is currently over 90% leased.
"They came to us because we were able to lock in their rate prior to stabilization and give them enough time to reach it," says Norrie, adding that the property is located in an area that has little to no other land available for multifamily development.
In another deal brokered by Norrie, the owner of the 150-unit Biltmore Apartments in Spokane, Wash. refinanced an existing loan on the nine-year-old development located in Spokane's desirable South Hill neighborhood. The $5.1-million debt placement, provided by Fannie Mae, is a 10-year loan with a 25-year amortization schedule, a 68% loan-to-value ratio and an interest rate of 7.09%.
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