Hunt Real Estate Capital provided a Freddie Mac Small Balance Loan in the amount of $6 million to refinance a multifamily property located in Burien, Washington.
Village Montrachet Apartments is a 57-unit, garden-style apartment complex comprised of three, three-story apartment buildings containing 48,585 rentable square feet. Built in 1988, the property offers 30 one-bedroom, one-bathroom units, 20 two-bedroom, two-bathroom apartments, and six three-bedroom, three-bathroom units.
The borrower is Village Montrachet, LLC, an entity backed by an undisclosed sponsor who purchased the property in early 2001. The new loan will refinance existing debt and provide the borrower with the necessary proceeds to invest in the acquisition of another commercial property.
The transaction is a 5/1 Hybrid-ARM loan with a 30-year amortization schedule and a yield maintenance prepayment schedule.
“The Sponsor is a repeat Hunt Real Estate Capital client and Freddie Mac borrower, having closed Cedar Gardens Apartments with us in January 2018 with a loan amount of $5.1 million,” noted Sergey Klimov, a Vice President at Hunt Real Estate Capital who originated the loan. “The sponsor is also a seasoned local real estate owner/operator who has been investing in real estate for over 40 years, and currently owns and manages over 400 residential units in the Seattlearea across 11 different properties.”
Glenn Gioseffi, a Partner at Kidder Mathews, sourced the loan.
Property amenities include a total of 90 parking spaces consisting of 79 carport spaces and 11 open parking spaces.
Burien, Washington is located within the Seattle MSA and the property is in a growing market that consistently supports demand for multifamily housing.
“We were pleased to partner with the client again on this deal, as he has a proven track record of success,” added Klimov.