WA Property Lands $11M Freddie Mac Refi
- May 02, 2018
The Commons at Innovation Center, a 150-unit multifamily property in Richland, Wash., has received $11.3 million in financing, in a transaction brokered by CBRE’s Seattle office. The community is part of the 1,700-acre Tri-Cities Research District, which includes major property owners, such as Battelle, US Department of Energy or Washington State University.
David Stinebaugh, senior vice president at CBRE, arranged the long-term fixed rate loan, financed with Freddie Mac’s lease-up refinancing program, enabling the owner, Shotgun Creek Investments, to lock in the interest rate and fund the loan before the property is fully stabilized.
A wide range of amenities
The Commons, completed in 2017, is located at 2894 Salk Ave., in the northern part of Richland, near the Columbia River. According to Yardi Matrix, the 95,102-square-foot property comprises 40 studio, 74 one-bedroom and 36 two-bedroom units across four, three-story residential buildings. The average unit size is 634 square feet, while common-are amenities include:
- clubhouse/leasing office
- fitness center
- outdoor patio
- swimming pool
- hot tub
- fireplace and grill area
“The Commons is a high-quality property in a market where highly educated, professional tenants working at Hanford and in the Research District have increased the demand for high quality housing,” said Stinebaugh, in prepared remarks.
Image courtesy of CBRE