Olympic Square

SEATTLE

Developer Brook I LLC landed a $17.5 million loan to fund construction of and permanent financing for a 118-unit apartment complex in Seattle and Olympic Square Investors secured an $8.75 million loan for Olympic Square Townhomes in Gig Harbor in two financings totaling more than $25 million that were arranged by the Seattle branch office of Berkadia Commercial Mortgage. Berkadia SVP and branch manager Louis Weisman, who arranged the loan for Brook I LLC, reports that the project will be called Uptown Stream Apartments and will be located at 708 6th Ave., North in the lower Queen Anne neighborhood. The loan was processed through HUD’s Seattle Office of Multifamily Housing Development and was insured through the FHA’s Section 221(d)(4) multifamily insurance program. The program features an 18-month, interest-only construction period and a 40-year fixed-rate permanent mortgage. The apartments also qualified for 12-year real estate tax abatement under Seattle’s Home Within Reach initiative and will offer 20% of its units to renters who qualify at a reduced percentage of the area median income. The property, which will be submitted for LEED certification, will feature a mix of apartment sizes ranging from studio to two bedrooms. Weisman also originated the 80% LTV fixed-rate loan for Olympic Square Townhomes, a 60-unit complex located on Olympic Drive in Gig Harbor. The property also includes 5,380 square feet of retail space. The loan featured a 10-year term with 30-year amortization and was financed through Freddie Mac’s Capital Markets Execution program. The deal closed 75 days after the Olympic Square Investors’ application.