Home Finance Kōz Development’s 100-Unit Senior Housing Project in Snohomish Refinanced for $14MM

Kōz Development’s 100-Unit Senior Housing Project in Snohomish Refinanced for $14MM

Cushman & Wakefield, Kōz on Weaver Road, Snohomish, Greystone, Kōz Development, Puget Sound

SNOHOMISH, Wash. – May 23, 2023 –  Cushman & Wakefield and Greystone jointly announced the firms have arranged and closed, respectively, the refinance of Kōz on Weaver Road, a 100-unit senior housing community located just outside of downtown Snohomish, Washington. The property was recently completed in 2020.

Cushman & Wakefield served as the exclusive advisor to an affiliate of Kōz Development, LLC in arranging approximately $14 million of financing for the multifamily asset. The Fannie Mae DUS® financing was provided by Greystone.

A Cushman & Wakefield Equity, Debt & Structured Finance team consisting of Dave Karson, Chris Moyer, Paul Roeter, and John Spreitzer represented the borrower in the transaction.

Greystone’s Michael Zampetti originated the Fannie Mae loan, which is a 10-year, fixed-rate loan, with full-term interest only.

“This is a high-quality and affordable senior housing community in a fantastic location in the Pacific Northwest. As a result, we were able leverage the special nature of the opportunity to procure advantageous loan terms. The Sponsor and the Cushman & Wakefield team were wonderful to work with on this transaction,” said Michael Zampetti, Senior Managing Director at Greystone.  

Located at 1925 Weaver Rd, the five-story, 100-unit property offers a variety of floor plans comprising 40 studios, 40 one-bedroom units and 20 two-bedroom units. The community has been designed with gathering spaces on each floor and more than adequate parking with 130 on-site parking spaces.

The property provides convenient access to the State Route 9 and 2 freeways and is also near the acclaimed historic downtown Snohomish that features a diverse collection of retailers, craft makers, antique stores, restaurants, lodging, and more.

Chris Moyer, Executive Managing Director, Cushman & Wakefield said, “Kōz on Weaver Road opened approximately three years ago and leased up quickly, filling a void in the market offering high-quality, affordable age restricted housing. The property provides a scenic small-town setting that is also convenient to a variety of amenities and destinations for residents. Snohomish is a desirable, renowned community and has been praised as one of the top 10 coolest towns in America by Budget Travel Magazine, as well as other recognition.”  

Cathy Reines, President & CEO of Kōz Development, LLC, added, “We thank the Cushman & Wakefield and Greystone teams for their exceptional work and advisory to assist our financing through the current conditions, and in securing our long-term position of this asset. Snohomish is an idyllic location that as an owner and developer we value greatly and maintain a positive outlook for its future.”