Koz Development Lands $16M Refi for Washington Property

Koz on MLK WAY

Koz Development LLC has secured $15.8 million in refinancing for Koz on MLK WAY, a 161-unit multifamily asset in Tacoma, Wash. Greystone originated the 10-year, fixed-rate Fannie Mae DUS loan, with full-term interest only payments. Cushman & Wakefield represented the borrower.

Opened in 2022, the community offers studio, one-, two- and three-bedroom floorplans, with an average unit size of 395 square feet. The property also incorporates 6,370 square feet of ground-floor retail space. Common-are amenities include a courtyard equipped with barbeques, laundry facilities and 30 parking spaces. Select apartments feature in-unit washers and dryers and private balconies. Koz on MLK WAY also encompasses 31 affordable units.

Located within an opportunity zone at 824 Martin Luther King Jr Way, the property is near interstates 5 and 705, offering access to the points of interest in the area. The site is less than 1 mile from downtown Tacoma and roughly 35 miles from Seattle. There are multiple dining, retail and fitness options available within a mile radius of the community.

The Cushman & Wakefield team representing Koz included Senior Director Paul Roeter and Executive Managing Directors Dave Karson and Chris Moyer, along with Director John Spreitzer and Associate Jason Blankfein. Greystone’s Senior Managing Director Michael Zampetti originated the loan. In prepared remarks, Zampetti credited the advantageous loan to terms to the property being both high-quality and affordable. Recently, he also secured $61.3 million in refinancing for a luxury Seattle community, with Cushman & Wakefield also representing the borrower.