Hunt Real Estate Capital announced that it provided a Freddie Mac Small Balance Loan in the amount of $5.3 million to refinance a multifamily property located in Lynnwood, Washington.
Bailey Court Townhomes is a 26-unit garden-style residential property located at 17430-17415 52nd Avenue West. The property is comprised of four, three-story rectangular shaped townhome-style buildings with first floor parking garages for each unit, and one, two-story apartment building. Bailey Court Townhomes is 100% occupied.
“The construction of Bailey Court Townhomes started in mid-2015 and was completed by early-2017,” noted Jeffrey J. Ballaine, Vice President at Hunt Real Estate Capital. “All the units were occupied within just a few days of being ready as there was significant demand for these new units in the local community.”
The borrower is Bailey Court LLC, backed by key principal Jeffrey Butler. The transaction is a 5/1 Hybrid Arm, with a 30-year amortization, and a yield maintenance prepayment schedule.
“Mr. Butler is an experienced local commercial real estate owner and investor,” added Ballaine. “He has successfully owned and operated income producing properties in the Seattle Metro area for over 21 years. His current real estate holdings consist of 13 properties and he is in the process of developing a five-unit multifamily property and has plans to develop an additional mixed-use property with 104 multifamily units and 30,000 square feet of retail space.”
Lynwood is located in Snohomish County and is situated 12 miles south of the Everett CBD. The submarket is an established urban neighborhood and the extended market area includes the neighborhoods of Central Everett, Edmonds, Lynnwood, Marysville/Monroe, Mill Creek, Mountlake Terrace, Paine Field, Silver Lake and Thrashers Corner.
“Vacancy in the area is stable and the positive expectations for job growth in the region will create additional demand for multifamily. We were pleased to support this quality investor with the financing needed to secure a well-performing property. We would also like to thank Mike Wood and his team at Norris, Beggs & Simpson Financial Services for bringing this opportunity to Hunt,” concluded Ballaine.
Property amenities include a laundry room, bicycle storage area, security cameras and garage and open parking.