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January 23, 2019
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WA Multifamily Property Lands $11.3 Mil in Freddie Mac Money


CBRE Capital Markets’ Debt & Structured Finance team has secured $11.3 mil in financing for The Commons at Innovation Center, a 150-unit apartment complex in Richland, WA. The property is within the Tri-Cities Research District, a 1,700-acre research park with major property owners which include Battelle, US Department of Energy, the Port of Benton, and Washington State University.

Located at 2894 Salk Ave, The Commons is a 95.1k sf apartment complex, consisting of four three-story residential buildings with a clubhouse/leasing office, fitness facility and an outdoor patio with swimming pool, hot tub, outdoor gas fireplace and grill area. Unit mix includes studio, one- and two-bedroom units, averaging 634 sf in size. Completed in 2017, the property is the most recent addition to the Tri-Cities apartment inventory.

The Commons is similar to the 160-unit Lofts at Innovation Center located across the street, which was built by the same developer in 2013 and refinanced by Freddie Mac in 2015. Both properties set a high standard for quality and convenience and are oriented towards professionals working at the Department of Energy's Hanford Nuclear clean-up site; Pacific Northwest National Laboratory (PNNL), one of seven national laboratories managed by Battelle Memorial Institute for various US government agencies; and Washington State University’s Wine Science Center, a state of the art training and research facility located two blocks east of the site.

David Stinebaugh of CBRE’s Seattle office arranged the long-term fixed rate loan, financed with Freddie Mac’s lease-up refinancing program, allowing the borrower, The Commons Apartments LLC, to lock in the interest rate and fund the loan before the property is fully stabilized.

“The Commons is a very high-quality property in a market where highly educated, professional tenants working at Hanford and in the Research District have increased the demand for high quality housing,” said Stinebaugh.

According to the Washington Center for Real Estate Research, occupancy in the Tri-Cities market area has averaged 97.4% since March 2014, and rent growth has remained positive, despite construction of a significant number of new Class A properties.

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