Berkadia Arranges $37M Loan for WA Community

The company secured the loan through New Jersey-based PGIM Real Estate Finance on behalf of the borrower, Madison VK LLC.
Madison Sammamish

Berkadia has arranged $37 million in financing for Madison Sammamish, a 266-unit garden-style community in Sammamish, Wash. The firm secured the long-term, fixed-rate, permanent loan through New Jersey-based PGIM Real Estate Finance on behalf of the borrower, Madison VK LLC. The financing features interest-only payments for the entire loan term.

Located at 3070 230th Lane SE., the community is near Interstate 90, approximately 19 miles from downtown Seattle and around 23 miles from Seattle-Tacoma International Airport. Additionally, the property is also close to the Pine Lake Shopping Center, Pine Lake Park, Bellevue College, a local Costco and the Microsoft Issaquah Campus.

Built in 1988, Madison Sammamish comprises a mix of one-, two- and three-bedroom units, averaging 938 square feet. The units feature granite countertops, stainless steel appliances, faux-wood plank flooring, closets, fireplaces, washers and dryers and private balconies or patios. Communal area amenities include:

  • playground
  • sundeck
  • clubhouse
  • television lounge
  • two outdoor pools
  • fitness center
  • garage parking

“We have financed this high-quality asset several times over the years, both for the current owner as well as prior ownership parties,” said Andy Ahlers, managing director at Berkadia, in a prepared statement. “The local area continues to flourish due to its proximity to numerous employers, excellent schools and recreational amenities.”

Ahlers and Production Advisor Mitch Thurston of Berkadia’s San Francisco office secured the loan. The company also recently completed the $76 million sale of ReNew at the Shops, a 400-unit garden-style community in Mission Viejo, Calif.

Image courtesy of Yardi Matrix