SEATTLE, WA – February 8, 2021 – Berkadia announced today the sale and financing of Sunset Park, a 124-unit garden-style multifamily property in Seattle, Washington. Senior Managing Director Kenny Dudunakis and Senior Directors Ben Johnson and David Sorensen of Berkadia’s Seattle office completed the sale on behalf of Montana-based Auctus Capital Partners.
Managing Director Allan Freedman and Associate Director Nick Provost of Berkadia’s Los Angeles office secured the acquisition financing through Freddie Mac on behalf of Santa Monica-based MJW Investments. The 10-year floating rate loan features five years of interest-only payments.
“Sunset Park is an attractive property that is poised to take advantage of a rapidly growing South Seattle submarket and offers the new owner significant upside through a future value-add program. We believe this was a very successful result for the buyer and seller alike,” said Sorensen.
“The financing enables the client to perform their value-add strategy with interest-only financing during the rehab period while having flexibility to get out of the loan at a later date with a very low prepayment penalty,” said Freedman.
Located at 11202 2nd Lane, Sunset Park features one- and two-bedroom floorplans. Community amenities include a swimming pool, fitness center and playground. The property is conveniently located less than ten minutes from downtown Seattle with easy access to shopping, dining and major bus lines.