Seattle Community Lands $28M Refi

Sunset Terrace, a 108-unit community in Renton, Wash., has been refinanced with a $28 million loan. The property is owned by a private individual, alongside iCap Equity and Skyworth Investments, according to Yardi Matrix. Marcus & Millichap Capital Corp. issued the note, while Lument arranged the transaction.

The current loan will retire the previous short-term bridge loan also arranged by Marcus & Millichap Capital Corp. and Lument in 2023, until the property secured its temporary certificate of occupancy. The refinancing note was executed as a HUD 223(f) loan with green certification.

Seattle’s rent growth year-over-year remained flat as of August, the Yardi Matrix National Multifamily report shows. Additionally, the metro’s occupancy rate in stabilized properties contracted 30 basis points year-over-year to 95.1 percent in April, above the 94.4 percent national figure, according to a metro report from the same data provider.

A mid-rise community near Seattle

Sunset Terrace came online in 2023 at 2715 NE Sunset Lane. The residential community is just off Washington State Route 900, 15 miles southeast of downtown Seattle. The city’s international airport is less than 10 miles away.

Rising seven floors, the property comprises studio, one- and two-bedroom units ranging from 456 to 1,206 square feet. Select layouts also have private balconies or patios.

Amenities at the pet-friendly community include a fitness center, business center, clubhouse, rooftop deck with barbecue grills and gated garage parking. Additionally, Sunset Terrace features 3,986 square feet of commercial space. Allied Residential oversees day-to-day operations at the residential property.

Marcus & Millichap Managing Director Tammy Linden, together with Lument, arranged the financing.