February 9, 2017
A multifamily property buyer from Washington State secured $9.2 million in financing to acquire the 80-unit Eagle River Apartments in Eagle, ID. Operating under the name Eagle Riverside LLC and $308 Pioneer Exchange Accommodation Titleholder LLC as tenants in common, the buyer obtained a seven-year Freddie Mac term loan, which was sourced by Terry Painter at Business Loan Store.
The borrower is using funds from a deferred exchange for part of the property’s purchase price, according to Sergey Klimov with Hunt Mortgage Group. The remaining balance of the funds, he went on to say, will come from a Reverse 1031 Exchange. “This is a rather unusual deal structure,” Klimov commented. “At Hunt Mortgage Group, we have only closed a handful of select reverse 1031 exchanges.”
Eagle River Apartments is situated on 5.4 acres at 827 E. Riverside Dr. The property offers one, two and three-bedroom units ranging from 790 to 1,192 square feet.
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