SEATTLE – December 2, 2021 – Berkadia announced today the sale of and financing secured for Grand Pacific, a 134-unit garden-style multifamily property located in Tacoma, Washington. Senior Managing Director Kenny Dudunakis, Senior Directors Ben Johnson and David Sorensen, Managing Directors Steven Chattin, Mitchell Belcher and Jay Timpani and Associate Director Chad Blenz of Berkadia Seattle completed the $33.5 million sale on behalf of the seller, Grand Pacific, LLC. The deal closed on November 12.
“Grand Pacific provided an excellent opportunity for the buyer to acquire a fantastic new-construction garden-style property in a dynamic neighborhood of Tacoma,” said Johnson. “The Pierce County market, and specifically Tacoma, has seen significant rent and employment growth over the past few years and the forecast for additional growth is astounding. The market remains extremely competitive for assets of this quality, vintage and size, and Grand Pacific is a perfect legacy asset for the buyer’s existing portfolio of Pacific Northwest real estate holdings.”
Managing Director Robert Doxsee, also of Berkadia Seattle, secured the $24.749 million in acquisition financing on behalf of the buyer. The one-year bridge loan financed through Berkadia features a four percent interest rate.
“We were able to provide a loan with a 74 percent loan to value to the client, which enabled the buyer to make an offer and close on the property, prior to it being stabilized,” said Doxsee. “Overall, the financing gave the buyer the leverage, terms and timing they needed to make the purchase happen.”
Located at 7015 South D St., Grand Pacific features one- and two-bedroom floor plans with in-unit washers and dryers and stainless-steel appliances. The property affords residents convenient access to Charlotte’s Blueberry Park, Meadow Park Golf Course and the shops and restaurants along Interstate 5 and Route 7.