Berkadia announced today $77.4 million in senior debt financing secured for Issaquah Terrace, a garden-style multifamily property in Issaquah, Washington. Senior Managing Director Mitch Thurston and Managing Director Andy Ahlers of Berkadia’s San Francisco office secured the loan on behalf of the sponsor, a private multifamily investment firm, and the deal closed on October 31.
“This was a unique transaction in many respects,” said Thurston. “One being that Berkadia was able to tap into a long-time relationship to provide a loan commitment for mezzanine debt at a future time, which necessitated working closely with our partners at Fannie Mae to approve and document.”
Issaquah Terrace features one-, two- and three-bedroom floor plans with washer and dryers, walk-in closets and stainless-steel appliances. Community amenities include a playground, a swimming pool and a resident lounge. Residents are afforded convenient access to Interstate 90 and the shops and restaurants along Highlands Drive.