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May 18, 2024
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Two Seattle Residential Assets Land New Financing in Deals Totaling $14.5 Mil


Two Seattle multifamily properties secured new financing in separate permanent loan transactions totaling $14.5 mil. Both deals were arranged by Mike Wood and Colin Ceithaml with Gantry for different private investor borrowers and were funded through life companies.

One of the loans refinanced the 70-unit Perch Apartments located in the city’s Capitol Hill neighborhood at 500 Belmont Ave E. The $10 mil, fixed rate, permanent loan features full-term interest-only payments.

The other loan provided additional funding on an underlying land lease of the Trailside Apartments, a 762-bed University of Washington affiliated student housing community sitting on 2.33 acres, at 4801 24th Ave NE. The $4.5 mil, fixed-rate permanent loan reflected the increased asset value post-completion of construction.

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