Johnson Capital recently completed a financing deal for an apartment complex in Renton, Wash. The company has provided a loan worth $27.6 million for the Bristol I at Southport community, a residential property completed back in 2002. Amos Smith and Sea Skelton, currently with Johnson Capital’s Irvine, Calif., office, worked on behalf of the property owner to arrange the financing for the asset.
Bristol I at Southport is a 188-unit community that includes a commercial real estate component totaling 10,037 square feet of space. The apartment complex is located on 2.22 acres of prime waterfront property at the base of Lake Washington. Comprising four individual four-story buildings, the Class A complex offers two common parking levels with 350 covered, secure parking spaces. The owner is a privately owned company with expertise in mixed-use development focusing on the greater Seattle area.
Southport is one of the most recent waterfront communities in the area, and one of the most appreciated and easily accessible locations. Lake Washington is one of the best-known areas in the Puget Sound, and offers views of the Seattle skyline, the Olympic Mountains and Mt. Rainier. Bristol I also offers accessibility through the proximity of several freeways, close to downtown Bellevue and the Sea-Tac Airport.
The financing measure arranged by Johnson Capital is a 15-year loan that was provided by an insurance company. The owner used proceeds from the loan to retire existing debt on the property and to source funds for a renovation process that includes unit improvements and a new exterior that would maintain consistency between the property and the adjacent Bristol II, also developed by the borrower.
Image courtesy of thebristol.net