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1/04/23
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Koz Development has obtained $15.75 mil in refinancing on MLK Way, a newly-built, 161-unit multifamily property in Tacoma, WA. Located in an Opportunity Zone at 824 Martin Luther King Junior Way, the six-story property consists of a mix of studio, one-, two- and three-bedroom units averaging 395 sf in size.
The property includes 6.4k sf of ground floor retail space. On-site residential amenities include a furnished courtyard space equipped with BBQs and lounge seating, on-site and in-unit laundry, and private balconies for select apartments.
The location provides convenient access to numerous amenities including restaurants,
supermarkets, fitness centers, and other retailers, all within a one-mile radius. The property is also two blocks from the new future Hilltop light rail station, connecting to popular Tacoma destinations.
Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein with Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower, an affiliate of Koz Development LLC, in arranging The Fannie Mae DUS® financing. Greystone’s Michael Zampetti originated the transaction, consisting of a 10-year, fixed-rate loan, with full-term interest only.
According to Moyer, Koz on MLK Way opened in May of 2022 and through robust leasing activity was nearly fully occupied at the time of refinancing. The property represents a high-quality, highly-amenitized, affordable housing community with an urban Tacoma location offering residents a premier live-work-play residential experience with immediate access to major employment centers in downtown Tacoma as well as commuting routes to Seattle in under an hour.
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