SEATTLE – CBRE has arranged $67 million in financing for the recapitalization of Bella Terra Apartments in Mukilteo, Wash., on behalf of a joint venture between Holland Partners Group and Principal Real Estate Investors, which recently purchased the property.
CBRE’s Nick Santangelo, Matt Thorp and Rick Brody of CBRE Capital Markets’ Debt and Structured Finance team in Portland arranged the five-year, floating-rate, full-term, interest-only bank loan.
Located at 12101 Greenhaven, the 235-unit complex was built in 2002, with only nine percent of units having received light renovations. The loan recapitalization will enable ownership to implement a complete premium renovation program, including modernizing common-area amenity space, refreshing the pool area and renovating all units with premium-level finishes.
“CBRE was able to source very accretive debt that fit the structure and needs of the sponsor’s investment horizon,” said CBRE’s Santangelo.
The complex is comprised of one-, two- and three-bedroom apartments including live-work townhomes. The units feature large floor plans averaging 1,053 sq. ft. with vaulted ceilings, in-home washers and dryers, fireplaces and open-concept kitchens with islands. Select units have wood-style flooring, private garages, stainless steel appliances and private decks and balconies.
The complex features various on-site amenities, including a poolside outdoor grilling area, heated outdoor swimming pool and year-round hot tub and sauna. Other amenities include a clubhouse, 24-hour fitness center and business center. The property also includes an on-site retail space.
Situated in a sought-after suburban waterfront community with a rapidly growing population, the property is within the Mukilteo School district and provides residents with easy access to multiple local transportation hubs.