Home News Releases Berkadia Secures Over $36MM for Multifamily Property in Washington

Berkadia Secures Over $36MM for Multifamily Property in Washington

PORTLAND – January 29, 2018 – Berkadia today announced it secured $36.86 million in financing for Springbrook Apartments, a multifamily community now under construction in Lakewood, Washington. Senior Director Rob Affleck of Berkadia’s Portland, Oregon office secured the permanent construction financing through the HUD 221(D)4 program on behalf of Washington-based developer, Momentum Partners, Inc. The deal closed on January 19.

The 40-year fixed-rate loan features a 3.75 percent interest rate and qualifies for the HUD-Green MIP Reduction program. Additionally, the property qualified for an eight-year tax abatement from the City of Lakewood.

“Berkadia worked diligently through the HUD process and made sure to gain the necessary approvals for construction on the property to begin,” said Affleck.

The Springbrook Apartments are designed as a 208-unit gated apartment community with four four-story residential buildings on over seven acres of land. Buildings are designed with secure entries, enclosed corridors, and elevator access to all floors with high-end community amenities such as a business center, leasing offices, fitness center, playground, and an outdoor salt-water pool and spa.

“This was an exciting process that required a tremendous effort all around,” said Don Bartlett, President of Momentum Partners. “Many thanks to the Berkadia team and all other parties who worked so diligently to make this deal come to fruition.”