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Loan Funds Passco Apartment Acquisition

RENTON, WA-Cohen Financial of Newport, CA, provides the Irvine, CA-based TIC sponsor just under $35 million for the acquisition and renovation of a 382-unit complex here.

By Brian K. Miller | Updated on March 18, 2008

RENTON, WA-Passco Cos., the Irvine, CA-based TIC sponsor has acquired the Madison at Fairwood here for approximately $42 million, according to Newport Beach, CA-based Cohen Financial, which sourced the acquisition loan. The 382-unit apartment complex is located at 17425 120th Lane SE, near Downtown Renton.

Cohen says the $34.77 million loan is sourced from a “large commercial bank” provided 68% of the total acquisition and renovation costs, which means the total investment is approximately $51 million. The terms of the three-year loan include two, one-year extensions and 25% recourse. The loan also includes approximately $4.2 million of future fundings that will be used for property renovations and interest expense shortfalls.

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