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10/14/15
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CBRE Capital Markets’ Debt & Structured Finance team has arranged $156.8 mil in financing for TruAmerica Multifamily’s acquisition of a six-property, 1,413-unit multifamily portfolio located in Washington and Oregon. The deal boosts TruAmerica’s Pacific Northwest portfolio to over 6,000 units.
The purchase was part of a seven-property portfolio that TruAmerica acquired for $255 mil in a partnership with a consortium of institutional investors including Allstate and the Guardian Life Insurance Company, as reported by RENTV on September 30 of this year. The seller was Philadelphia-based Equus Capital Partners Ltd.
The properties included in this financing transaction are:
• Alderwood Park, located in Lynnwood, WA; 188 units
• Boulder Creek, located in Wilsonville, OR; 296 units
• Bridge Creek, located in Wilsonville, OR; 315 units
• Ridgegate, located in Kent, WA; 153 units
• Ridgetop, located in Silverdale, WA; 221 units
• The Wellington, located in Silverdale, WA; 240 units
The 1,829-unit, seven-property portfolio acquisition also included Settler’s Point in Salt Lake City, UT. That property was not a part of this financing deal.
Brian Eisendrath and Cameron Chalfant of CBRE’s Beverly Hills office arranged the seven-year, fixed-rate loans with three years interest-only on four of the properties, with a blended interest rate of 3.85 percent. The remaining two properties were financed with floating-rate loans with three years interest-only and a starting rate of 2.60 percent. TruAmerica will implement a value-add renovation program upon acquisition.
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