Bridge Investment Group Provides $39M Refi for Apartments in Seattle Suburb
Merit Holmes refinanced a 135-unit multifamily apartment community in Kirkland
By Brian Pascus May 15, 2024 12:11 pm
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Merit Homes has secured $39 million to refinance Bloom Apartments, a 135-unit multifamily apartment community in the Seattle suburb of Kirkland, Wash.
Bridge Investment Group, an alternative investment firm headquartered in Salt Lake City, provided the financing, a full-term, interest-only loan with a flexible prepayment structure. Walker & Dunlop’s capital markets team of Mark Plenge and Grant Robertson arranged the deal on behalf of the sponsor.
Grant Roberston, associate director at Walker & Dunlop, told CO that this refinancing is “a good example” of a common type of deal in the market today: construction loans that are reaching stabilization but just aren’t penciling for traditional, permanent financing. He also praised the work of Bridge Investment Group on the deal.
“We worked with Bridge Investment Group to structure a stretch senior loan that has different underwriting parameters than your convention lender, like the agencies, life companies or banks,” said Robertson. “We were probably able to get 12 percent to 15 percent more proceeds than a traditional permeant lender by doing this stretch senior loan with Bridge Investment Group.”
Located at 13120 NE 85th Street in Kirkland, Bloom Apartments features one- and two-bedroom rental units. Amenities include a fitness center, an outdoor lounge, an electric vehicle charging station, and a lobby with a fireplace.
The building sits a short walk from the southern tip of Sixty Acres Park, a King County park popular for recreational sports use, and a few minutes drive from the Bridle Trails State Park, a 489-acre park established by the Civil Works Administration during the 1930s.
Other attractions nearby include the Kirkland Wednesday Market at Marina Park and the suburban Rose Hill community. Downtown Seattle is a 20-minute drive across Lake Washington.
Merit Homes and Bridge Investment Group did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
