Berkadia Secures $37M Financing for WA Community

Senior Director Rob Affleck arranged the construction loan for the project, slated for completion in 2019, through a HUD program.

12623 SW Bridgeport Way, Lakewood, Wash.
12623 SW Bridgeport Way, Lakewood, Wash.

Springbrook Apartments, a 208-unit community currently under construction in Lakewood, Wash., has received a $36.9 million construction loan. Senior Director Rob Affleck of Berkadia’s Portland, Ore., office arranged the 40-year, fixed-rate loan through the HUD 221(d)(4) program on behalf of Momentum Partners Inc. The financing also features a 3.8 percent interest rate and qualifies for the HUD Green MIP Reduction program.

The property is expected to be completed in 2019 and will sit on approximately seven acres at 12623 SW Bridgeport Way. It will feature four four-story buildings, designed with secure entries, enclosed corridors and elevator access to all floors. Common amenities will include:

  • business center
  • leasing office
  • fitness center
  • playground
  • outdoor salt-water swimming pool
  • spa

In a recent deal, Berkadia secured the sale of the 485-unit Ballinger Commons community in Shoreline, Wash.

Image via Google Maps

If you’d like to be featured in Brokers’ Corner, send your deal to deals@cpe-mhn.com