SEATTLE, Wash. –– Cushman & Wakefield and Greystone jointly announced the firms have closed on the refinancing for Kinect @ Lynnwood, a newly-built, 239-unit multifamily property in Lynnwood, Washington, located outside Seattle.
Cushman & Wakefield served as the exclusive advisor to affiliates of American Capital Group and Canyon Partners Real Estate in arranging $61.3 million of financing for the multifamily asset. The Fannie Mae DUS® financing was provided by Greystone.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Alex Lapidus, and Chris Meloni 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.
“The property saw a fast lease-up due to its great location with ease of access, highly amenitized property, and great finishes,” said Executive Managing Director Chris Moyer. “Leasing activity remains robust with low vacancy rates throughout the entire Puget Sound Region.”
Kinect @ Lynnwood blends luxury upscale style with its unmatched transit-oriented location in Lynnwood. Completed at the end of 2021, the property boasts a robust amenity package including a coffee bar, resident business center, a clubhouse with billiards tables, outdoor social space and a gated parking garage with 282 spaces and 15 charging stations, among others.
The property’s Lynnwood location just north of Seattle and Bellevue provides residents a premier live-work-play residential experience. Midway between Everett, Seattle and Bellevue, the city of Lynnwood also offers an elevated, suburban lifestyle within 30 minutes from all three destinations.
“Already one of the most dynamic suburbs of Seattle, Lynnwood is poised for significant development. With the Lynnwood Link light rail extension, located just two blocks from the property and with service expected every 4-6 minutes during peak hours, and the Northline Village mixed-use development both anticipated to deliver in 2024, the neighborhood’s demand is expected to surge over the coming years,” added Moyer.
“The combination of rapid lease up, high mission driven affordability, institutional sponsorship, and fundamentally strong Seattle multifamily market, we were able to leverage Fannie Mae’s pre stabilization program. We were also able to take advantage of an early rate lock to remove some of the recent volatility in the rate markets,” said Michael Zampetti. “The ACG and Canyon teams were a pleasure to work with and the Cushman & Wakefield team is best-in-class, which made for a seamless execution.”