Financing Measure Helps Completion of Seattle Multifamily Acquisition
- Mar 04, 2016
Seattle– The Yardhouse Apartments were recently acquired following a successful financing measure handled by Hunt Mortgage Group. The company worked on behalf of borrow CFLP Yardhouse Apartments, an entity backed by the Costacos Family Limited Partnership. A $6.5 million Freddie Mac small balance loan was provided to help with the $13.95 million purchase of Yardhouse Apartments. The seller was identified as local firm Revolve Development.
The current transaction has a 20-year term with 30-year amortization and includes seven years of interest only. Tom Craig and Mark Dibble of DSC Capital brought the deal to Hunt Mortgage Group. According to Hunt Mortgage Group Vice President Jeffrey Ballaine, the community is performing well, and currently operates at a vacancy rate of under 3 percent. Furthermore, over the past 12 months the community has averaged roughly 6 percent vacancy.
Located at 1406 East Republica St., the community is situated on a 0.23-acre lot and offers 35 residential units. The four-story building was completed in 2014 and offers residents an amenity package that includes a parking garage, as well as a rooftop deck.
Image courtesy of The Yardhouse Apartments