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$21.5M Loan for Tacoma Apartments Secured by Berkadia

Reporter: Connectcre

 $21.5M Loan for Tacoma Apartments Secured by Berkadia

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Berkadia has secured a $21.5 million loan for the acquisition of The Duo Apartments, a 104-unit multifamily community in University Place, Washington. The loan was arranged by Berkadia Seattle and Berkadia Miami on behalf of a private investor who paid $30.46 million for the property. The lender, Bayview, provided a five-year fixed-rate loan with flexible prepayment terms. Despite market volatility and the ongoing lease-up process, Berkadia was able to secure a non-recourse loan that reduced the sponsor's interest rate risk. The Duo Apartments were built in 2023 and offer studio, one-bedroom, and two-bedroom floor plans.

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