Hunt Real Estate Capital announced that it provided a first mortgage bridge loan in the amount of $17 million to refinance a multifamily property located in Seattle, Washington.
The borrower is 423 Terry Partners, LLC, an affiliate of Anew Apartments backed by key Principals, David Sharkey and Brad Padden. Financing was arranged by Greg Piantanida and Ryan Heiberg of GP Realty Finance.
Anew Terry Apartments is a 112-unit, mid-rise multifamily apartment complex located in the First Hill neighborhood of Seattle. The property was built in 1911 and redeveloped by the partnership between 2016 and 2018.
“Upgrading seismically deficient, unreinforced masonry buildings is critical to the safety and resiliency of our city, and we are delighted to have Hunt as a partner in this endeavor,” said 423 Terry Partners Principal, Brad Padden. “The project not only cured the safety issue of a seismically vulnerable building, it also brought the project up to current energy code and created homes for 112 new households.”
“We were pleased to recapitalize the partnership as they complete their renovation,” noted Peter Clasquin, Managing Director at Hunt Real Estate Capital. “Their addition of affordable housing units – aimed at residents earning 50-100% of the area median income – is core to our mission as an affordable housing lender.”
Property amenities include a community space on each floor; a digital doorman; workspaces; a fitness center with a yoga room; a dog washing station; a large, outdoor patio with BBQ grills and fire pit; a courtyard; a large, ground-floor lounge; and bike storage with a repair station.
Anew Terry Apartments benefits from its attractive location in First Hill, Seattle and its close proximity to employers, as well as the features of the Capitol Hill neighborhoods, including Pioneer Square, the Frye Art Museum, the waterfront, Washington State Convention Center, Safeco Field, and the Seattle Space Needle, all located within a two-mile radius of the property.
“This property is well located with numerous employment, dining and shopping destinations located within walking distance,” added Clasquin. “We were happy to partner with this experienced sponsor. The property offers Seattle residents an attractive option for their housing needs.”