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5/17/19
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Inland Group has obtained $34 mil in construction financing for the development of Affinity at Arlington, a senior housing community consisting of 170 market-rate units in Arlington, WA. The financing was arranged by CBRE.
Located at 3721 169th Street NE in Arlington, Affinity at Arlington will be a Class A, four-story apartment building offering market-rate apartments for adults 62 and older. The residents will have access to a suburban environment offering a variety of retailers, restaurants, business services, recreational activities and a primary transportation thoroughfare near the property.
The property’s amenities will include a porte-cochere, resident lounge, internet café, movie theater, covered community decks, library, game room, craft room, wood workshop, fitness center, indoor salt water pool and spa, outdoor kitchen and BBQ area, walking paths, dog park, community garden and Dilly Dally’s Pub. Unit amenities will include air conditioning, upgraded appliances including microwaves, kitchen islands, plank flooring, granite countertops, washer/dryer, walk-in closets and patio/balcony.
Nick Santangelo and Chad Ricks of CBRE Capital Markets’ Debt & Structured Finance team originated the loan through CBRE’s FHA lending platform. The loan is funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) new construction mortgage insurance program, providing an interest-only construction period of 18 months with a 40-year, non-recourse and fully amortizing permanent loan.
The project was designed by The Architects Office (TAO). The property will be developed by Inland Construction, an affiliate of Inland Group, and managed by FPI Management Inc. Inland Group is a privately owned and controlled real estate development and investment firm specializing in development and construction of high density residential and commercial projects, including multifamily projects. Inland has developed over 14,000 multifamily units since 2002.
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