Downtown Seattle Asset Refinanced as N.W. Rise Continues
Berkadia continues to be one of the most active financing provider in the Pacific Northwest.
By Alex Girda, Associate Editor
Latitude Queen Anne is the subject of the latest loan provided by Berkadia. Handled by Senior Managing Director Mitch Thurston and Senior Director Andy Ahlers of the company’s San Francisco office, the $14 million loan was secured through its Fannie Mae program. The measure includes ten years of interest-only debt service payments.
The 76-unit community is located at 500 Third Ave. W, in the proximity of Seattle’s downtown area. The unit mix consists of one- and two-bedroom loft-style apartments. Residents at Latitude Queen Anne have access to an amenity package that includes a resident lounge with a coffee and tea bar, fitness center, an al fresco eating area, a rooftop barbecue area, and a dog run with a pet station.
According to a statement issued regarding the financing, the property operated at just 5 percent vacancy at the time of the announcement. Mitch Thurston said that the company’s West Coast presence allowed the borrower “to capitalize on favorable market trends.” Seattle is one of the fastest growing markets in the entire U.S. in 2015, with rent appreciation now in double digits, as per Yardi Matrix data.