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June 20, 2024
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New Standard Equities Obtains $19.8 Mil Refi on Washington Multifamily Property


New Standard Equities (NSE) has secured a $19.8 mil refi loan on Village Fair Apartment Homes in Bremerton, WA. This was the third refinance of the 120-unit property since its purchase for $13.1 mil in December 2016. Its appraised value today is $30.6 mil.

The property, located at 309 NE Fairgrounds Rd, was first refinanced in 2018 and underwent a second refinance of $18.6 mil in 2020 that continued the repatriation of equity to investors and positioned the asset for additional long-term growth. NSE has spent over $2.2 mil in capital improvements including renovating 90% of the units.

“In executing the Village Fair business plan, our emphasis every step of the way has been on increasing revenue and controlling expenses to move our net operating income in such a way as to make refinancing possible,” said NSE Founder & CEO, Edward Ring. “We are pleased this property has achieved a nearly 93% improvement in NOI from year one and our percentage of expenses of gross revenue is down to the current level of 38%, which is considered best-in-class operations. We beat our projections by a significant amount.”

NSE closed the refinance with a five-year, fixed rate, interest-only loan at 5.63%. The loan was funded by Fannie Mae through M&T Bank and was sourced by Brian Eisendrath at IPA.

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