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8/31/15
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Hamilton Zanze & Company, out of San Francisco, has obtained $27.9 mil in financing for Lakeside Landing, a 450-unit residential complex in Tacoma, WA. Because the vast majority of the units qualified as affordable under current guidelines, the property benefited from attractive Freddie Mac financing.
Surrounded by three scenic lakes and a view of Mt. Rainier, Lakeside Landing is a gated, garden-style complex featuring one- and two-bedroom apartments. It is comprised of 49 buildings situated on 33 acres with common amenities including a playground, fitness center, pool, barbeque area, clubhouse, basketball court and a tennis court.
The property is located in a growing market that consistently supports demand for multifamily housing. From 2010– 2014, the population within a five-mile radius of the property grew by 2.20%, and this trend is projected to continue.
Craig Russell, senior vice president, led the Walker & Dunlop team that arranged the 10-year fixed rate loan. It features six years of interest-only, followed by a 30-year amortization schedule and a 1.25x debt service coverage ratio.
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