FEDERAL WAY, WA-Berkeley Point Capital recently closed a $37.5 million loan to acquire Arcadia Townhomes, a 309-unit townhouse style, Class A, apartment community located in this Seattle suburb. The loan was originated by Mitch Clarfield, senior managing drector in Berkeley Point's Santa Monica, CA, office.
The property, built in 1990/1991, consists of 72 three story buildings situated on 23.7 acres. Amenities include washer/ dryer in all units, attached garages, detached garages, carports, pool, indoor spa, fitness center, theatre, and business center. The property was extensively upgraded in 2009 including new vinyl siding, roof replacement, clubhouse upgrades, all unit interiors and appliances at a total cost of over $43,000 per-unit.
The financing was structured under Freddie Mac's CME program with a five-year term, 3.58% fixed rate loan with thirty year amortization. The sponsor of the transaction is TruAmerica Multifamily, LLC, a recently formed multifamily investment platform led by real estate veteran, Bob Hart.
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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.
