NewPoint Real Estate Capital Provides $87M for Multifamily Acquisition in Washington
An affiliate of Harbor Group International has secured an $86.6 million Freddie Mac (FMCC) floating-rate loan to facilitate the acquisition of Alcove at Seahurst in Burien, Wash., Commercial Observer has learned. NewPoint Real Estate Capital provided the loan.
The garden-style Alcove at Seahurst was built in 1948 and consists of some 44 buildings across 36 acres at 14001 Ambaum Boulevard SW in Burien, Wash. Community amenities include a playground, coffee bar, fitness center, business lounge, and grilling and picnic areas.
“This Freddie Mac execution allowed us to hold proceeds based on an advantageous sizing rate for 60 days during a turbulent market,” said Geri Borger Urgo, head of production for NewPoint. “As such, we were able to provide Harbor with certainty of terms throughout their acquisition process.”
The seven-year Freddie Mac loan is interest-only in the first five years, and Harbor promises a capital improvement plan on the apartments, 99 percent of which are affordable, according to the press release.
“Alcove at Seahurst will see high demand given its affordability and the lack of new supply in the surrounding area,” said Greg Heller, managing director of acquisitions at Harbor Group International. “Our investment strategy hinges on pairing acquisitions with prudent leverage and the best loan terms available. The NewPoint team confidently delivered during a challenging environment with a structure and pricing that creates value for both our residents and investors.”
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
