ACG, Canyon Partners Land $61M Refi for Seattle Community
Cushman & Wakefield arranged the loan for the 239-unit property.
Greystone has provided a $61.3 million, 10-year, fixed-rate Fannie Mae refinancing loan for Kinect @ Lynnwood, a 239-unit community in Lynnwood, Wash. American Capital Group and Canyon Partners Real Estate own the newly developed Class A property, which was previously subject to a construction loan of $45.5 million, originated by U.S. Bank in 2020, Yardi Matrix data shows.
Dave Karson, Chris Moyer, Alex Lapidus and Chris Meloni of Cushman & Wakefield represented the borrower. Greystone’s Michael Zampetti originated the full-term interest only loan.
A luxury suburban Seattle community
Kinect @ Lynwood was completed in 2021. The seven-story building encompasses a mix of studio, one- and two-bedroom apartments, ranging from 486 to 939 square feet. Interiors feature a fully equipped kitchen, stainless steel appliances, wood-style flooring, walking-in closets in select apartments and washers and dryers in all units. Common-area amenities include a clubhouse, fitness center, coffee bar, business center, and a courtyard with a lounge, a fire pit and grilling stations.
Located at 4200 Alderwood Mall Blvd. in the Lynnwood suburb, the property is 16.3 miles north of Seattle and has access to interstates 5 and 405, facilitating the commute. Picnic Point-North Lynnwood and Meadowdale Beach Park are situated within 3 miles of the property. Dining and retail options are available nearby, along 196th SW Street and 4th W. Avenue, including Olive Garden, Applebee’s, Whole Foods Market and Nordstrom.
According to Yardi Matrix, American Capital Group currently has five properties in various stages of development in Seattle, Portland and Sacramento, totaling 1,867 units. The company recently launched the construction of Kinect at Southport, a 322-unit community in West Sacramento, Calif.