DEAL OF THE DAY: GE Real Estate Provides $32.5M Loan for Acquisition of 382-Unit Property

Kent, Wash.–GE Real Estate has provided a $32.5 million, on-book loan to the Bellevue, Wash.-based Longwell Co. for its acquisition and repositioning of the 382-unit Avante Apartments in Kent.Avante is a garden style-property spread across 17.61 acres, located between the ports of Seattle and Tacoma. The area is one of the largest warehouse distribution and manufacturing centers in North America with 45 million sq. ft. of industrial space.The Class B property was built in 1978 and has recently undergone renovations and upgrades. The Longwell Co. plans to invest more than $2 million to complete additional exterior and interior property renovations.GE Real Estate has financed the last five Longwell Co. multifamily property acquisitions in Seattle and has refinanced one of its Seattle properties.  “GE Real Estate has enabled us to quickly seize opportunities and expand our multifamily portfolio,” says Stanley Xu, president for Longwell.Angela Azizian, director at GE Real Estate, says, “This is a well-occupied, well-located asset near major employers including Boeing, Mikron Industries, Sysco Foods and other local retail services. Given Longwell’s established local expertise in creating value for these types of properties, we felt this was an attractive transaction.”