March 4, 2019 Comments Off on Seattle Investor Snags Five-Property Western MF Portfolio for $100M Views: 2029 Idaho, National News, Phoenix & Southwest News, Seattle News, Utah, Washington, West

Seattle Investor Snags Five-Property Western MF Portfolio for $100M

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Berkadia originated a $97.85 million Fannie Mae Credit Facility, which provided permanent fixed-rate financing for the acquisition of five multifamily assets on behalf of Seattle-based Investors Capital Group, LLC. The acquired properties are in four western states: Washington, Idaho, Utah and Arizona.

The structured facility features five tranches of fixed-rate debt with 10- and 12-year terms, half-term interest-only, a 30-year amortization and loan-to-value constraints that allow for 75% to 80% ratios. The rates for the five tranches range from 4.34% to 5.15%, and were locked over four months. The facility allows future additions, substitutions and flexible prepayment.

Berkadia’s Jeff Stuart, who handled the transaction, says, “This is an advantageous facility for ICG’s 2018 Apartment Fund, which raised $61 million in equity to acquire 1,012 multifamily units across five properties.”

Properties included:
– Greentree Apartments in Glendale, AZ
– Juniper Meadows in Phoenix
– The Crossings at Chapel Hill in Pasco, WA (pictured)
– Eagles Landing Apartments in Ammon, ID
– The Falls at Canyon Rim in Ogden, UT

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For comments, questions or concerns, please contact Dennis Kaiser

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