Berkadia Completes Sale and Secures Financing for Multifamily Property in Seattle
SEATTLE and IRVINE, Calif. — October 9, 2023 — Berkadia Institutional Solutions announced today the sale of and financing secured for Harrison Square, a 166-unit high-rise multifamily property located in Seattle, Washington. Managing Directors David Sorensen, Ben Johnson, Director George Pallis, and Senior Managing Director Kenny Dudunakis of Berkadia Seattle completed the sale on behalf of the seller, Illinois-based Equity Residential. The buyer was California-based ColRich, and the deal closed on September 21.
“Harrison Square is a very well-located apartment community in the vibrant Lower Queen Anne neighborhood of Seattle,” said Sorensen. “Not only does the property have significant upside through renovations, but we are seeing an upswing in energy throughout many of the downtown Seattle submarkets due to newly implemented back-to-office policies by Amazon and other large employers. The new owners of Harrison Square should be able to capitalize on both, leading to higher rents in the near and long term. We were thrilled to be a part of this transaction and believe it was a great result for both buyer and seller.”
Senior Managing Directors Kevin Mignogna and Charlie Haggard, and Senior Director Vincent Punzi of Berkadia Irvine secured permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Freddie Mac.
“In partnership with Kevin, Charlie, and our investment sales team, the transaction was smooth from beginning to end,” said Punzi. “Freddie Mac’s creative credit structure allowed us to maximize loan proceeds for ColRich, and we appreciate the opportunity to provide the financing.”
Located at 312 2nd Avenue West, Harrison Square features studio-, one-, and two-bedroom floor plans with in-unit washers and dryers, hardwood floors, walk-in closets, fireplaces, and private balconies or patios. Community amenities include a fitness center, a business center, an elevator, and a waterfront. The property affords residents convenient access to the Space Needle, Kerry Park, Olympic Sculpture Park, the Museum of History & Industry (MOHAI), and the many shops and restaurants located in central Seattle.