CBRE Capital Markets’ Debt & Structured Finance team has arranged $100 million in Freddie Mac financing on Strata Equity Group’s acquisition of a 1,041-unit multifamily portfolio in the Everett and Lynnwood submarkets, north of Seattle, Washington.
Five separate 10-year loans with full-term interest-only were arranged by Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego, California offices.
“Financing these investments with long-term, fixed rate debt further complements our long-term commitment to owning quality assets in the nation’s strongest markets,” said David Michan, president of Strata, in a statement.
“We have further expanded and diversified Strata’s national multifamily portfolio to deliver attractive, risk-adjusted cash yields to our investors.
All five properties, built between 1986 and 1991, will undergo renovations to improve both resident amenities and interior unit finishes, providing “sound alternatives for the region’s middle-income residents, a demographic that is severely challenged for quality housing options today,” Strata said.
Four of the properties are within five miles of Boeing’s Everett Factory, which is the region’s largest employer and is undergoing a large expansion. The other property, in Lynnwood, is 16 miles north of Downtown Seattle.
Located in the northern submarkets of Seattle, the portfolio increases Strata’s unit count in the Pacific Northwest to more than 1,200 units within the Portland and Seattle metropolitan statistical areas.