Seattle-Area Community Lands $40M Refi
Dollar Development owns the two-building community.
Dollar Development has obtained $40 million in refinancing for The Mercer Apartments, a 235-unit community in Mercer Island, Wash., a Seattle submarket.
Northwestern Mutual provided the 10-year, non-recourse loan, according to King County records, in a deal arranged by Gantry.
The note retires a $48.3 million loan originated by the same lender in August 2014, according to Yardi Matrix information. That note was set to mature next month.
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The two-building community came online in two phases, in 2007 and 2014. The unit mix consists of studio, one- and two-bedroom layouts, ranging between 470 and 2,072 square feet. Additionally, the property also includes more than 20,000 square feet of retail space.
Common-area amenities feature a business center, a clubhouse, an outdoor swimming pool, a spa, a fitness center, two outdoor barbecue areas and a resident lounge with kitchen. The community also has about 470 parking spaces and guest suites.
The nearly 3-acre property is at 7650 SE 27th St. & 2558 76th Ave. SE, close to a host of dining and retail options. Downtown Seattle and Bellevue are within 6 miles, while King County International Airport is 9 miles away.
Gantry Principal Mike Wood and Associate Alicia Sabanero led the team that arranged the financing on behalf of the borrower.
Large deals are still closing in metro Seattle
In February, Sound West Group obtained a $79 million loan for the refinancing of Marina Square, a 270-unit luxury property in Bremerton, Wash. TPG Real Estate Credit originated the five-year note that retired previous construction financing.
Other notable deals in the area also include a $35 million refinancing note arranged by Northmarq for The Lodge at Mallard’s Landing, a 147-unit senior housing community in Gig Harbor, Wash. This was the third financing deal secured by Northmarq for this property over the last decade.
