Station at Mill Creek Apartments

Mill Creek, WA

//Station at Mill Creek Apartments
Station at Mill Creek Apartments 2018-04-17T18:49:47+00:00

Project Description

Purchased by our existing client, STATION 5J LLC, the property is an excellent quality, newly renovated 46 unit / four buildings on 2.21-acre sold for 11,000,000.00. The units at this property include large 1 bedroom units at 845 Sq. Ft and 2 bedroom units at 1,000 Sq. Ft. The amenities include office, in unit laundry, pet play area, decks or patios with storage closets and wood burning fireplaces in each unit. Appraisers and property inspectors found the project to have an attractive design and great curb appeal. This property was sold by Saint Newton of Paragon Real Estate Advisors in Seattle.

Investor’s Real Estate Capital, Inc. facilitated the Purchase of this 1031 exchange down leg. The financing consisted of the assumption of an existing Freddie Mac loan at $5,322,657.76 along with a new 2nd Freddie Mac loan at $1,825,000.00.

Final combined Loan to Value at 64.98%

1031 Exchange Purchase

46 Units Multifamily

$5.3 million plus $1.825 million Loan – 7.45 yr fixed term: 4.223% merged rate

Int rate Assumed loan 3.95% /Int rate Supplemental loan 5.060%
7.45-years fixed remaining terms on both loans
30 year amortization
Yield Maintenance Pre Pay Penalty

Client identified a building with an existing FDMAC loan against it and needed to also secure more funds to leverage the property.