Home Finance Legacy Partners Refinances 306-Unit Maris Apartments in Seattle for $57.5MM

Legacy Partners Refinances 306-Unit Maris Apartments in Seattle for $57.5MM

Cushman & Wakefield, Legacy Partners, Maris Apartments, Affinius Capital, USAA Real Estate, Square Mile Capital, Seattle, Bellevue, Puget Sound

(Editor’s Note: According to a report from the Puget Sound Business Journal, the loan amount was $57.5 million.)

Maris a Built Green-certified transit-oriented community offering premier live-work-play experience

SEATTLE, Wash. – June 8, 2023 – Cushman & Wakefield announced the firm served as the exclusive advisor to a joint venture comprising affiliates of Legacy Partners, a privately held national real estate firm, and Affinius Capital, a newly formed brand integration of USAA Real Estate and Square Mile Capital, in the procurement of financing for Maris, a new 306-unit luxury apartment community in Seattle, Washington. Located at 4722 Fauntleroy Way SW in West Seattle, the seven-story Built Green-certified property also features 9,369 square feet of ground floor retail space and is adjacent to a Rapid Transit stop.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Alexander Hernandez, Chris Moyer, Alex Lapidus, Paul Roeter and Meredith Donovan along with Sam Wayne of the firm’s Multifamily Capital Markets represented the borrower in the refinancing transaction. The floating rate loan was provided by Landesbank Hessen-Thuringen (Helaba).  

Maris was delivered in December 2021 with leasing commencing in October 2021. The property is over 95% occupied. Maris features an attractive mix of studio, one-, and two-bedroom layouts, as well as an underground parking garage with 256 parking spaces. The property also offers a robust amenity package, including a rooftop lounge with grilling stations, on-site co-working space and conference room, state-of-the-art fitness studio, bike storage, smart tech entry and a top floor resident lounge. Maris also benefits from a 12-year tax exemption through Seattle’s Multifamily Property Tax Exemption (MFTE) program.

“Maris is a prime example of what lenders are seeking at the present time—a quality multifamily asset in a desirable market, with solid underwriting metrics, and a top-rated sponsorship,” said Vice Chair Dave Karson.

“Boasting strong occupancy and local market demand, the property is well positioned in the West Seattle neighborhood that offers residents with a premier live-work-play residential experience that is near Seattle’s primary office and cultural hubs,” added Executive Managing Director Alexander Hernandez.

“This transaction resulted from a compelling opportunity to provide financing to experienced sponsors in a market with strong demand for quality housing,” said Helaba Vice President Jason Deck.

Maris is located across the street from many well-known retailers and close to myriad eclectic neighborhood restaurants and shopping boutiques that are walkable within a two-block radius. The property is also conveniently located within a 10-minute drive from downtown Seattle (±22 minutes via the C-line bus) and a 20-minute drive from Bellevue.