Berkadia Completes $73.5 Million Sale and Secures Over $40.7 Million in Financing for Multifamily Property in Washington
SEATTLE – September 7, 2022 – Berkadia announced today the sale of and financing secured for Saddlebrook, a 223-unit garden-style multifamily property located in Des Moines, Washington. Senior Managing Director Kenny Dudunakis, Managing Directors David Sorensen and Ben Johnson and Director George Pallis of Berkadia Seattle investment sales completed the $73.5 million sale on behalf of the seller, California-based FSC Realty, LLC. The buyer was Canada-based Rise Properties Trust, and the deal closed on August 18.
“Saddlebrook is a very attractive garden-style asset offering tremendous scale in the Des Moines submarket,” said Johnson. “With a value-add blueprint already in-place, the property provides an ideal path forward for the buyer and will continue to benefit from both its proximity to Seattle and the rapidly growing Kent Valley Industrial corridor.”
“The long-term acquisition financing with interest only allowed our client to obtain very favorable terms because it filled Freddie Mac’s need for mission driven business,” said Harris. “Despite unprecedented market volatility that occurred while the transaction was in process, the sponsor was able to close on the transaction without disruption because of the reliability of Freddie Mac as the capital source and Berkadia as the lender.”
Located at 2100 S 260th St., Saddlebrook features studio, one-, two- and three-bedroom floor plans with in-unit washers and dryers, private patios or balconies and gas fireplaces. Community amenities include a swimming pool, a business center, a fitness center and a basketball court. The property affords residents convenient access to Washington National Golf Course, Saltwater State Park and the shops and restaurants near Route 509.