Seattle Developer Lands $22M Refi

Fireside Flats Apartments. Image courtesy of Yardi Matrix

Developer Pastakia + Associates has secured $22.1 million in refinancing for Fireside Flats Apartments, a 102-unit multifamily community in Seattle. The 10-year fixed-rate loan was provided by State Farm Life Insurance and retires a previous $22 million construction loan which, according to Yardi Matrix data, was originated by Bank OZK in 2020. Gantry arranged the new financing on behalf of the borrower.

Completed in 2022, the six-story property encompasses one- and two-bedroom floorplans ranging from 436 to 895 square feet. Of the total, 20 units are designated as affordable. Apartments feature in-unit washers and dryers. Common-area amenities include a dog wash station, fitness center, lounge with bar, storage and coworking space.

Located at 841 NE 68th St. in the Roosevelt neighborhood, the property is off Interstate 5 and roughly 6 miles from downtown Seattle. In its proximity, there are numerous retail and dining options along 65th Street. The property is also close to Green Lake Park.

Gantry Principal Mike Wood, along with Senior Associate Alex Saunders, secured the financing. Wood mentioned in prepared remarks that as bank lenders pull back, life companies remain reliable emphasizing that there is much debt liquidity available at low leverage. Saunders was recently involved in originating $54 million in financing for a Vulcan-owned multifamily community in downtown Seattle.