CBRE Secures Financing for Class A Multifamily Property in Seattle
24 1月 2020
Seattle – CBRE’s Capital Markets’ Debt & Structured Finance team in Los Angeles has arranged financing for the purchase of Alley24, a 172-unit apartment community in Seattle.
Brian Eisendrath, Brandon Smith and Cory Wizenberg of CBRE’s West Los Angeles office arranged the loan on behalf of the borrower, The Jacobson Company, a Los Angeles-based real estate investment firm.
Located at 241 Yale Ave N, Alley24 was originally built in 2006 and renovated in 2014. The mid-rise multifamily community has a unit mix comprised of, one- and two-bedrooms apartments, modern lofts and townhomes. Amenities include a 24-hour gym, rooftop firepit lounge and valet dry cleaning. The Jacobson Company will upgrade many of the units and will improve common area amenities.
The property is in the South Lake Union neighborhood, an area that has grown rapidly due to the presence of many of the world’s most prominent tech companies. Alley24 is strategically located within walking distance to many of the area’s top employers, as well as public transportation and parks. The apartment community is also within walking distance of dozens of the area’s most popular dining, retail and entertainment options.
“Given the infill location and the pipeline of 7.2 million square-feet of office space in the submarket, there is a supply and demand imbalance in local multifamily which bodes well for existing product in the neighborhood such as Alley24,” said Larry Jacobson, CEO of The Jacobson Company. “We believe this asset fits into our strategy of long-term ownership of quality assets in excellent locations.
He added, “In the last three years, the company has aggressively expanded its historically California-based portfolio with large acquisitions in Washington, Colorado and Texas. The company plans to add to its portfolio in Washington State and Colorado in 2020.”
Eisendrath added, “In order to provide The Jacobson Company’s investors with high going-in cash-on-cash returns, our team helped place long-term low-cost bridge financing that also provided enough in loan proceeds to accommodate a 1031-exchange.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.