Seattle, WA – June 4, 2018 — CBRE Affordable Housing has arranged the sale and financing of Ventana, a 171-unit affordable multifamily property in Kent, Washington, for $18.85 million to Peak Capital Partners.
Tim Flint, Senior Vice President at CBRE Affordable Housing, represented the seller in the transaction, Ridgeview Partners LP. Jim Flinn, Senior Vice President of CBRE Affordable Housing’s Debt and Structured Finance team, secured $15.1 million in acquisition financing with a 10-year floating rate loan provided by Freddie Mac.
“Peak Capital was looking for pre-payment flexibility and we were able to provide that with an attractive Freddie Mac ten-year adjustable rate mortgage that will be open to prepayment after just one year at 1%,” stated Flinn.
All of Ventana’s units are kept affordable by a Low-Income Housing Tax Credit (LIHTC) regulatory agreement that limits renters to incomes below 60% of the Area Median Income. Ventana offers amenities such as an Olympic-sized swimming pool, fitness center and BBQ/picnic areas, as well as studio, one and two-bedroom floorplans to its residents. The property is centrally located in the dynamic Kent Valley, one of the fastest growing cities in the Seattle metro area. Job growth in Kent is projected to grow more than 38% in the next 10 years.
“Kent and its surrounding areas continue to be a focal point for multifamily investors,” said Flint, “especially when it comes to affordable housing.”
CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. They have closed over $16 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.
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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.