HFF arranges $15.6 million refinancing for Seattle, Washington area multi-housing community

PORTLAND, OR – The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $15.6 million refinancing for Rainier Pointe (top left photo), a 241-unit multi-housing community in Fife, Washington. 

Working exclusively on behalf of a joint venture between Security Properties and Equity Resource Investments, HFF managing director Casey Davidson and director Tom Wilson placed the 35-year, fully-amortizing, 3.79% fixed-rate (excluding mortgage insurance premium) 223(f) FHA loan with AmeriSphere Mortgage Finance, LLC. 

The new permanent financing replaced anexisting short term bridge loan.  

“The 223f program offers multi-housing borrowers the highest leverage in the market at attractive long term rates,” said Davidson.  

Rainier Pointe is located at 6643 20th Street with direct frontage on Interstate 5 in Fife about six miles from downtown Tacoma and 30 miles from downtown Seattle. 

The property is currently undergoing renovations to the exterior as well as individual unit renovations.  The one-, two- and three-bedroom units average 751 square feet each and are 88% occupied.

“The borrower, a major institutional owner of multifamily across the nation, repositioned the asset for the long term by taking advantage of this historically low interest rate environment.

“ The FHA process is a long and arduous process versus other traditional financing options; however, for those multifamily borrowers who have patience and are seeking maximum leverage and a long term interest rate solution this is a very compelling loan program,”  added Wilson.

Security Properties Inc. (“SPI”) is a multi-faceted real estate enterprise with ownership responsibilities over a broad geographic portfolio of multifamily real estate properties. 

 Since its inception in 1969, SPI has sponsored the acquisition and/or development of over 420 properties located throughout the United States.  These SPI properties encompassed approximately 60,000 multifamily housing units - at times with associated commercial space - with an aggregate value at cost of approximately $2.9 billion.

Contacts:   

Casey P. Davidson, HFF Managing Director, (503) 224-0444, cdavidson@hfflp.com

Thomas F. Wilson, HFF Director, (503) 224-0444, twilson@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com