Arlington, Wash. (May 16, 2019) – CBRE Capital Markets’ Debt & Structured Finance team has secured $34 million in construction financing for the development of Affinity at Arlington, a senior housing community consisting of 170 market-rate units in Arlington, WA.
The loan for this Class A, four-story apartment building is funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) new construction mortgage insurance program, providing an interest-only construction period of 18 months with a 40-year, non-recourse and fully amortizing permanent loan.
Nick Santangelo of CBRE’s Portland office and Chad Ricks of CBRE’s Dallas office originated the loan through CBRE’s FHA lending platform on behalf of the sponsor, Inland Group. Inland Group is a privately owned and controlled real estate development and investment firm specializing in development and construction of high density residential and commercial projects, including multifamily projects. Inland has developed over 14,000 multifamily units since 2002.
Located at 3721 169th Street NE in Arlington, Affinity at Arlington will be a 170-unit market rate apartment community for 62 and older residents. The residents will have access to a suburban environment offering a variety of retailers, restaurants, business services, recreational activities and a primary transportation thoroughfare near the property.
The property’s amenities will include a porte-cochere, resident lounge, internet café, movie theater, covered community decks, library, game room, craft room, wood workshop, fitness center, indoor salt water pool and spa, outdoor kitchen and BBQ area, walking paths, dog park, community garden and Dilly Dally’s Pub. Unit amenities will include air conditioning, upgraded appliances including microwaves, kitchen islands, plank flooring, granite countertops, washer/dryer, walk-in closets and patio/balcony.
“We appreciate CBRE’s effort to secure financing for our latest Affinity community located in Arlington, Washington,” said John Fisher of Inland Construction. “Affinity is a vibrant lifestyle concept specifically designed for active, not-necessarily-retired people who like to socialize, enjoy unique amenities and explore interests in and around our communities. That sense of community defines Affinity, where you’ll find folks eager to connect and share common interests. We’re excited to be part of the greater Arlington area, whose ideal location gives residents the opportunity to explore in all directions, from British Columbia to Seattle, and from Puget Sound to the North Cascades.”
The project was designed by The Architects Office (TAO). TAO is licensed in 11 western states and have designed over 12,000 multifamily units. The property will be developed by Inland Construction, an affiliate of Inland Group, and managed by FPI Management, Inc.About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.