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1/17/12
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CBRE Capital Markets arranged $155.34 mil in refi money through Freddie Mac’s CME program on n a portfolio of nine multifamily properties in the Seattle area behalf of the Holland Partner Group and INVESCO. The new financing has a seven-year fixed-rate term with two years of interest-only followed by a 30-year amortization schedule.
The properties contain a total of 2,184 units and are all located in the Seattle area (Lynnwood, Everett, Kent, Tumwater, Renton and University Place). These garden-style Seattle apartments were built between 1983 and 1996 and acquired by the borrower between 2004 and 2005. The properties are well-located and offer tenants a wide range of onsite amenities. At the time of closing, the un-weighted average occupancy was 94.77%.
CBRE’s Jim Rice, Executive Vice President, and Nick Santangelo, Vice President, from the Portland office, arranged the financing.
Based out of Vancouver, WA, Holland Partners Group is a fully integrated multifamily company that owns and acquires properties in the Western United States. Founded by Clyde Holland in 2001, Holland Partners has four distinct operating companies - Acquisitions, Construction, Property Management and Development. Holland Partners owns and/or manages more than 21,000 multifamily units in Washington State, Oregon, California, Colorado, Nevada and Arizona.
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