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12/03/15
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CBRE Capital Markets’ Debt & Structured Finance team has arranged five separate loans totaling more than $100 mil dollars to finance Strata Equity Group’s acquisition of a 1,041-unit multifamily portfolio in the Seattle, WA region from an undisclosed seller.
All five properties were built between 1986 and 1991 and feature common area amenities such as clubhouses and fitness centers; four of the properties also include pools, spas and playgrounds. The properties will undergo renovations to improve both resident amenities and interior unit finishes.
"Upon completion, these assets will provide sound alternatives for the region’s middle-income residents, a demographic that is severely challenged for quality housing options today.” said Scott Wittman, Strata, director of investments. “
Four of the properties are within five miles of Boeing's Everett Factory, which is the region’s largest employer and is undergoing a large expansion. The other property in Lynwood is located 16 miles north of Downtown Seattle.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the 10-year loans, with full-term interest-only, through Freddie Mac. The acquisition boosts Strata’s portfolio in the Pacific Northwest to more than 1,200 units, within the Portland and Seattle metropolitan statistical areas.
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