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Essex Places Debt on Fairwood Pond

RENTON, WA-The Palo Alto, CA-based apartment REIT takes out a $14.9-million first mortgage loan on the 194-unit property here that it acquired unencumbered in late 2004 for $21.1 million

By Brian K. Miller | Updated on January 26, 2006

RENTON, WA-Essex Property Trust has taken out a $14.9-million first mortgage loan on Fairwood Pond, one of 25 apartment properties the Palo Alto, CA-based public apartment REIT owns in the greater Seattle area. Essex acquired the 194-unit complex unencumbered in late 2004 for $21.1 million.

ARCS Commercial Mortgage Co. of Calabasas, CA, originated the loan through Fannie Mae’s Fixed Rate loan product. The nine-year loan will be repaid interest only at a fixed rate of 5.31%. The loan also included a one-year Extended Maturity Option during which the borrowers may take as little as a month or up to a year to refinance with no prepayment penalties.

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