EVERETT, WA—Johnson Capital, a national real estate capital advisory firm, announces that Neal Churney and Dave Susank in Johnson Capital's Phoenix office have arranged an $8.4 million loan secured by a 112-unit apartment complex.
The property, Hampton Court, was built in 1985 and consists of 28 separate buildings each containing four units. It provides residents with amenities that include: beautifully manicured, park-like grounds; basketball and tennis courts; wood-burning fireplaces; washers and dryers in units; and vaulted ceilings in second floor units. With easy access to the Interstate 5 Freeway, the project is close to a number of amenities including the Paine Field-Snohomish Airport, Walter E. hall Golf Course, Everett Mall, and the Boeing Future of Flight Aviation Center & Museum.
The new loan was a cash-out refinance that was provided by a bank. It has a fixed interest rate in the mid 3% range for the five-year term. The transaction provided the borrowers an opportunity to refinance several existing loans under one loan.
Commenting on the challenges of this transaction, Mr. Churney said, “We were able to meet the challenges of this transaction, which were primarily, to consolidate all the existing loans into one loan and to provide cash out to the borrower.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
