(EDITOR’S NOTE: According to previous reporting by The Registry, the property, located at 3118 6th Avenue in Tacoma sold for $46.2 million, or about $416,216 per unit.)
SEATTLE – August 17, 2022 – Berkadia announced today the financing secured for 6th & Alder, a 114-unit midrise-style multifamily property in Tacoma, Washington. Managing Director Rob Doxsee and Associate Director Michael Manolides of Berkadia Seattle secured $28.5 million in acquisition financing through a local regional bank on behalf of the borrower, Tacoma-based Tacoma Apartments LLC. The deal closed on August 3.
The 10-year fixed loan features one year of interest-only, a 30-year amortization schedule and a 62 percent loan-to-value ratio.
“The property is a trophy asset in a great location in Tacoma,” said Doxsee. “The property had not yet been stabilized and was still in lease up when we went to market for the financing. There were several moving parts that we needed to put together prior to close, and we were able to lock in rates to protect the buyer from all the rate volatility we have seen this summer. Overall, it was a winning solution for everyone.”
Located at 3118 6th Ave., 6th & Alder was built in 2021 and features 111 residential units and three commercial units. The property features modern amenities such as electric vehicle charging, a dog wash and a rooftop barbeque deck. The property affords residents convenient access to the central Tacoma business district and the desirable North End neighborhood.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.