Berkadia Completes $145 Million Sale and Secures Over $102.7 Million in Financing for Multifamily Property in Washington
BELLEVUE, Wash. and LOS ANGELES – August 29, 2022 – Berkadia announced today the sale of and financing secured for Granite Pointe, a 559-unit garden-style multifamily property located in Spokane Valley, Washington. Senior Managing Director Kenny Dudunakis, Managing Directors David Sorensen and Benjamin Johnson and Director George Pallis of Berkadia Bellevue completed the $145 million sale on behalf of the buyer. The seller was a Spokane-based developer.
“Granite Pointe, being the largest asset in Eastern Washington, will provide our buyer with immediate scale and ample upside moving forward as the Spokane MSA continues to expand at a rapid pace,” said Pallis. “We strongly feel this was a win for both the buyer and seller and it will now set the stage for future core-plus trades in the market to come.”
Managing Director Allan Freedman, Senior Managing Director Ed Zimbler and Associate Director Nick Provost of Berkadia Los Angeles secured $102.71 million in acquisition financing on behalf of the buyer. The four-year bridge loan was financed through a bank.
Located at 12707 E Mansfield Ave., Granite Pointe features one-, two- and three-bedroom floor plans with in-unit washers and dryers and private patios or balconies. Community amenities include a fitness center, a movie theater and a clubhouse. Residents are afforded convenient access to the shops and restaurants near Interstate 90 and Route 27.