Washington Holdings Lands $44M Refi
JLL arranged the note through PGIM Real Estate.
Washington Holdings has obtained $43.5 million in refinancing for The Carter on the Park, a 180-unit luxury community in Redmond, Wash., a Seattle submarket. PGIM Real Estate granted the note, while JLL represented the borrower.
Previous financing for the Class A property includes a $43 million loan originated by USAA in 2017, according to Yardi Matrix information. That note matured this month.
The six-story building came online in 2016 and features one-, two- and three-bedroom floorplans ranging between 585 and 1,288 square feet. Additionally, the community has four live-work units and 16 apartments reserved as affordable. Select layouts also include private balconies or patios.
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Common-area amenities at the LEED Gold-certified property consist of a fitness center, rooftop deck, tech bar and coworking spaces, as well as a two-story bike storage facility. The building also has an interior courtyard with fire pits, grilling stations and ping pong, along with a museum lobby.
Located at 7508 159th Place NE, The Carter on the Park is in downtown Redmond and close to a host of dining and retail options, including Redmond Town Center. Downtown Seattle is within 16 miles, while the King County International Airport is some 21 miles southwest.
The JLL Capital Market’s Debt Advisory team representing the borrower comprised Senior Managing Director Bruce Ganong and Senior Director Seth Heikkila.
The multifamily sector remains attractive for lenders
Given the sustained strength of long-term multifamily fundamentals, the sector continues to be a highly appealing option for lenders. In July, Dollar Development received $40 million for the refinancing of The Mercer Apartments, a 235-unit community in Mercer Island, Wash. Northwestern Mutual provided the 10-year loan.
Other notable deals in the area include Northmarq’s refinacing of The Lodge at Mallard’s Landing, a 147-unit senior housing property in Gig Harbor, Wash. A life insurance company originated the $35 million note.
