Jones Lang LaSalle Capital Markets secured $103 million in senior financing for two multifamily properties on behalf of Fairfield Residential Apartments LLC. Prudential Life Insurance Company provided the seven-year, fixed-rate loans on the properties, called The Reserve and The Sanctuary, which total 880 units and are located in Renton, Wash.
Executive Managing Director Tom Fish, Managing Director David Young and Executive Vice President Holly Minter led the Jones Lang LaSalle team on this financing.
“Multifamily continues to be the strongest property sector in the greater Seattle MSA, as this financing proves. We garnered a significant amount of interest from the lending community eager to expand their portfolios in the Pacific Northwest and were able to secure excellent terms for Fairfield,” Minter said in a statement.
“We’ve witnessed a strong economic recovery in this region, and a steady uptick in job growth leading to a surge in demand for apartment housing. Generation Y is leading the movement to the West Coast and Seattle is the top draw for this group under age 35,” Young added in a statement.
The five-story properties are located in The Landing, a master planned mixed-use project, and sit on a combined 7.83 acres. They were built in 2009 and 2010. Apartment amenities include a swimming pool and spa, clubhouse, parking garages, picnic area and conference rooms. Fairfield Residential is the property manager for both assets.