Home Finance Glencrest Group Procures $12.81MM Acquisition Loan for Briggs Village Apartments

Glencrest Group Procures $12.81MM Acquisition Loan for Briggs Village Apartments

CBRE, Briggs Village, Olympia, Joint Base Lewis-McChord, Bridge Apartments LLC
Image Courtesy of CBRE

SEATTLE – CBRE announced the sale and financing of Briggs Village Apartments, a 72-unit, new construction multifamily property located at 4225 Briggs Drive SE in Olympia, Wash. Andrew Behrens with CBRE Capital Markets’ Debt & Structured Finance arranged the $12.81 million acquisition loan from lender Freddie Mac on behalf of the borrower and buyer, San Francisco-based Glencrest Group. The loan is a 10-year, interest only, 3.04% fixed rate. CBRE’s Jay Timpani, Mitchell Belcher and Steven Chattin represented the seller,
Briggs Apartments LLC, in the transaction that closed July 31.

“Briggs Village Apartments is an excellent fit for our Generations program – designed around long-term ownership of attractive multifamily communities – because of its quality construction and location. We are excited to expand our growing portfolio into the Puget Sound region and
were pleased to close this acquisition without renegotiation or delay notwithstanding the pandemic,” said John Adair, Managing Partner, Glencrest Group.

“We were excited to work with John and Mike on the financing of this outstanding acquisition. CBRE looks forward to continuing to partner with the Glencrest team on many future transactions,” added Mr. Behrens, Vice Chairman, CBRE.

Built in 2019, Briggs Village Apartments is a six-building, midrise apartment community with a mix of one, two and three-bedroom units featuring high ceilings, modern appliances, and balconies or patios with storage. Property amenities include covered parking, a playground, park, basketball
court and close proximity to one of two YMCAs in the Olympia area, offering residents comprehensive physical fitness and childcare options.

Briggs Village apartments is part of a 137-acre master-planned community and is two miles from downtown Olympia and a short commute to Joint Base Lewis-McChord, the fourth largest employer in the state of Washington. The community also benefits from proximity to the Seattle
technology ecosystem anchored by multiple tech giants.

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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.

About Glencrest Group
Glencrest Group was formed in 2019 by John Adair and Mike Bergelson to provide the next generation of multifamily investment opportunity. It focuses exclusively on purchasing existing apartment communities
with above-average yield and appreciation potential. Glencrest’s founding team combines decades of leadership in the real estate and technology industries. Before Glencrest, John was the Principal in charge
of capital transactions for Prime Residential, where he acquired, sold and financed more than 35,000 multifamily units, developing a reputation for generating alpha via creative and decisive deal making. Mike
was most recently the co-founder and CEO of Everwise, a leader in the corporate learning and development space with hundreds of large enterprise clients. Before Everwise, Mike founded two other
successful technology companies that focused on improving consumer experience.