TPG Real Estate Credit Provides $79M ReFi for Puget Sound Multifamily
Marina Square, a 270-unit, mixed-use apartment complex in Bremerton, Wash., won a 2023 best development of the year award
By Brian Pascus February 12, 2024 2:13 pm
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Sound West Group, a developer based in Washington state, has secured a $79 million loan to refinance Marina Square, a 270-unit, mixed-use apartment complex in the Puget Sound community of Bremerton, Wash.
TPG Real Estate Credit, a subsidiary of TPG Real Estate, provided the five-year, floating-rate loan. The JLL Capital Markets Debt Advisory team of Seth Heikkila, Tom Wilson and Steve Petrie arranged the loan on behalf of Sound West Group.
JLL’s Heikkila noted in a statement that multifamily market dynamics in the Bremerton area have been buttressed by the Puget Sound Naval Shipyard, the Kitsap naval base and Harrison Medical Center. He added that a recent CoreLogic study forecasts Bremerton, a one-hour ferry ride west of Downtown Seattle, to be a top three market in the country for home value appreciation.
“The loan from TPG allows Sound West Group to fully execute its business plan for Marina Square,” said Heikkila. “This will only further drive demand for high-quality multi housing rental assets like Marina Square.”
Located at 280 Washington Avenue, Marina Square features luxury studio, one-bedroom and two-bedroom apartments. The building is a short walk from the Bremerton Ferry Terminal, offering direct service to the Seattle waterfront. Marina Square’s amenities include a roof deck, three venue spaces, a kayak launch and public grills.
The building features nearly 9,200 square feet of retail across three spaces.
Marina Square also benefits from its proximity to Bremerton Boardwalk, an outdoor promenade of restaurants, shops and historic sites, and Harborside Fountain Park, a 2.2-acre waterside plaza that includes the Bremerton Naval Museum.
The six-story building was completed in 2022, and the National Association of Industrial and Office Parks named it the 2023 Mixed-Use Development of the Year.
Brian Pascus can be reached at bpascus@commercialobserver.com
