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5/24/23
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Kōz on Weaver Road, a 100-unit senior housing community located just outside of downtown Snohomish, WA, was refinanced with a new Fannie Mae DUS® loan for $14 mil. In the transaction, Cushman & Wakefield served as the exclusive advisor to the borrower, an affiliate of Kōz Development LLC, while Greystone provided the financing.
Located at 1925 Weaver Rd, the five-story, 100-unit property offers a variety of floor plans comprising 40 studios, 40 one-bedroom units and 20 two-bedroom units. The community has been designed with gathering spaces on each floor and more than adequate parking with 130 on-site parking spaces.
The property provides convenient access to the State Route 9 and 2 freeways and is also near the acclaimed historic downtown Snohomish that features a diverse collection of retailers, craft makers, antique stores, restaurants, lodging, and more. It was recently completed in 2020.
Dave Karson, Chris Moyer, Paul Roeter, and John Spreitzer with Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower in the transaction. Greystone’s Michael Zampetti originated the Fannie Mae loan, which is a 10-year, fixed-rate loan, with full-term interest only.
“Kōz on Weaver Road opened approximately three years ago and leased up quickly, filling a void in the market offering high-quality, affordable age restricted housing,” noted Moyer. “The property provides a scenic small-town setting that is also convenient to a variety of amenities and destinations for residents. Snohomish is a desirable, renowned community and has been praised as one of the top 10 coolest towns in America by Budget Travel Magazine, as well as other recognition.”
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