Berkadia, a leading commercial real estate company, has successfully secured financing for the purchase of The Duo Apartments. This new multifamily community, located in University Place near Tacoma, Washington consists of 104 units.
The financing was arranged by Berkadia Seattle’s Director Michael Manolides and Managing Director Robert Doxsee along with Vice President Michael Basinski and Managing Director Brad Williamson from Berkadia Miami. The private investor who acquired the property for $30.46 million received a $21.5 million loan from Bayview Investment Firm based in Coral Gables. This five-year fixed-rate loan offers flexible prepayment terms.
According to Manolides, despite market volatility and ongoing lease-up activities at the property, Berkadia was able to secure a non-recourse fixed-rate loan that minimizes interest rate risks for the sponsor in the short term.
The Duo Apartments were built in 2023 and offer studio as well as one- and two-bedroom floor plans at their location on 4201 Bridgeport Way West.
Image credit: Puget Sound Business Journal
