Berkadia Arranges $37M Loan for WA Community | Multi-Housing News

SAN FRANCISCO – March 7, 2019 – Berkadia today announced $37 million in financing for Madison Sammamish, a 266-unit garden-style multifamily property in Sammamish, Washington. Managing Director Andy Ahlers and Production Advisor Mitch Thurston of Berkadia’s San Francisco office secured the loan on behalf of the borrower, Madison VK, LLC, and the deal closed on February 28.

The long-term fixed-rate permanent loan was provided by New Jersey-based PGIM Real Estate Finance. The financing features interest-only payments for the entire loan term.

“We have financed this high-quality asset several times over the years, both for the current owner as well as prior ownership parties,” said Ahlers. “The local area continues to flourish due to its proximity to numerous employers, excellent schools and recreational amenities.”

Located at 3070 230th Lane SE, Madison Sammamish offers one-, two- and three-bedroom floor plans with granite countertops, stainless-steel appliances, faux-wood plank flooring, large closets, in-unit fireplaces, private balconies or patios and in-unit washers and dryers. Community amenities include a playground, a sundeck, a clubhouse, a television lounge, two outdoor pools, a fitness center and garage parking. Residents are afforded convenient access to the Pine Lake Shopping Center, Pine Lake Park, Bellevue College, a local Costco and the Microsoft Issaquah Campus