New Standard Equities Lands $20M for Washington Community
The loan represents the third refinancing on the property under the current ownership.
Village Fair Apartment Homes. Image courtesy of Yardi Matrix
New Standard Equities has secured $19.8 million in refinancing for Village Fair Apartment Homes, a 120-unit multifamily community in Bremerton, Wash. Institutional Property Advisors, a division of Marcus & Millichap, arranged the Fannie Mae loan provided by M&T Bank.
The five-year, interest-only note has a fixed rate of 5.63 percent. IPA’s Executive Managing Director Brian Eisendrath facilitated the deal. This is the third refinance on the property since New Standard acquired it in 2016, for $13.3 million. Yardi Matrix data shows that the asset became subject to a $12.9 million CMBS loan from U.S. Bank in 2018, followed by another $18.6 million refinancing from Wilmington Trust in 2020.
Completed in 1984, the garden-style community comprises 19 buildings with one-, two- and three-bedroom floorplans ranging from 623 to 1,100 square feet. All interiors feature fireplaces, with select layouts having in-unit washers and dryers. Common-area amenities include a swimming pool, volleyball court, clubhouse, fitness center and playground. The owner implemented more than $2.2 million in capital improvements, with 90 percent of the units now renovated.
New Standard Founder & CEO Edward Ring stated in prepared remarks that the asset has seen a 93 percent improvement in NOI since its acquisition, adding that currently expenses represent 38 percent of gross revenue at Village Fair. Located at 309 NE Fairgrounds Road, the property is roughly 6 miles north of downtown Bremerton, which has a ferry connection with Seattle.
