SEATTLE – August 17, 2016 – Berkadia today announced the financing of The Rivet, a multifamily property located at 1201 Mercer St. in Seattle. Managing Director Allan Freedman represented the borrower, The Ezralow Company, who purchased the property for $55 million.
“We were pleased to work with Ezralow as it continues to expand its footprint across the western U.S.,” said Freedman. “Our partnership with Freddie Mac allowed us to deliver a commitment within two weeks of signed application.”
Built in 2014, the 131-unit property features studio, one-, two-, three- and four-bedroom floor plans. Unit finishes include quartz countertops, high-end kitchen appliances, ceramic tile flooring in the bathrooms and USB outlets. Select units include private patios and decks. Residents enjoy community amenities including a rooftop with views of Lake Union and downtown, entertainment areas with heat lamps, outdoor ping pong and covered grill.
The property’s location affords residents convenient access to Interstate 5 and Seattle’s famed Pike Place Market, which is less than a mile and a half away. Top employers in the area include Amazon, The Bill and Melinda Gates Foundation, Group Health and Tommy Bahama World Headquarters.
The Ezralow Company has built or purchased over 40,000 apartment units in the western United States.