CBRE Capital Markets has arranged a $155.3 million refinancing for a Puget Sound multifamily portfolio through Freddie Mac’s Capital Markets Execution program on behalf of the Vancouver, Wash.-based Holland Partner Group and Invesco, an independent global investment manager. The borrower utilized a seven-year fixed-rate term with two years of interest-only, followed by a 30-year amortization to finance these properties.
The portfolio is comprised of nine properties, totaling 2,184 units, located in Seattle neighborhoods Lynnwood, Everett, Kent, Tumwater, Renton and University Place, noted CBRE Executive Vice President Jim Rice and Vice President Nick Santangelo, both based in Portland, Ore.
The garden-style 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 unweighted average occupancy was 94.77 percent.