Seattle-Area Community Lands Refi
- Aug 21, 2018
A private investor has taken a $5.3 million refinancing package on Bailey Court Townhomes, a 26-unit recently constructed garden-style community in Lynnwood, Wash. Hunt Real Estate Capital provided the 5-1 hybrid adjustable-rate mortgage through Freddie Mac’s Small Balance Loan program. The loan amortizes over 30 years.
Located at 17403 to 17415 52nd Ave. W., the community is positioned approximately 20 miles north of downtown Seattle, with the intersection of interstates 5 and 405 nearby. Comprising four three-story townhome-style buildings and one two-story apartment building, Bailey Court is situated within 3 miles of more than 1.7 million square feet of office space, according to Yardi Matrix. The Alderwood Mall, home to Nordstrom, Macy’s and JCPenney, is around 2 miles to the east.
Open since early 2017, the community contains a laundry facility, bicycle storage and an open parking lot for residents. Additionally, each townhome unit includes a first-floor garage. The property was 100 percent occupied at the time of the transaction.
“Vacancy in the area is stable and the positive expectations for job growth in the region will create additional demand for multifamily,” said Jeffrey Ballaine, vice president at Hunt, in a prepared statement. “We were pleased to support this quality investor with the financing needed to secure a well-performing property.”
Earlier in August, Hunt provided a nearly $34 million bridge loan for the acquisition and renovation of a 208-unit multifamily asset in Maryland.
Image via Google Street View