American Capital Group Nabs $23M Agency Refi for Washington Multifamily Property
By Cathy Cunningham May 19, 2020 4:49 pm
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American Capital Group has secured a $23 million agency refinance for The Dakota Apartments, a multifamily property in Lacey, Wash., Commercial Observer has learned.
Berkadia provided the seven-year Freddie Mac (FMCC) loan, which has a rate of 234 basis points over 30-day LIBOR and features full-term interest-only payments. Meridian Capital Group’s Marvin Jeremias and Meyer Ovadia negotiated the debt.
The Dakota, at 6205 Pacific Avenue Southeast, includes 156 apartments with private patios and balconies. Its amenities include a swimming pool and spa, a state-of-the-art fitness center, a clubhouse, a community billiard and game room, a television theater room and library and covered parking.
“We are pleased to have advised American Capital Group on the refinance of The Dakota Apartments,” Jeremias said in prepared remarks. “Meridian was able to negotiate highly favorable terms for this transaction due to the sterling reputation and track record of the sponsorship and the quality of the asset. Working on a transaction in the current COVID-19 climate presented numerous challenges, however, all parties worked efficiently and creatively to deliver a stellar outcome for our client.”
Last week, the Meridian team arranged $68 million in acquisition financing from Goldman Sachs for Tropical Distribution Center I, an industrial distribution center in Las Vegas that is fully leased by Amazon.
