JLL has successfully arranged a $79 million refinancing deal for Marina Square, a newly constructed luxury apartment complex located on the waterfront of Puget Sound in Bremerton, Washington. The borrower, Sound West Group, was represented by JLL’s Capital Markets Debt Advisory team led by Senior Director Seth Heikkila and Senior Managing Director Tom Wilson along with Associate Steve Petrie. TPG Real Estate Credit provided the five-year floating-rate loan.
Sound West Group has been recognized as the 2023 Developer of the Year by NAIOP and Marina Square as the 2023 Mixed-Use Development of the Year. This upscale community offers studio, one-, and two-bedroom units along with retail space occupied by The Market at Marina Square. Future tenants will include a YMCA and waterfront restaurant.
Located within an Opportunity Zone at 280 Washington Avenue near Bremerton Ferry Terminal and Boardwalk, Marina Square is poised for success in this growing market. According to JLL Senior Director Seth Heikkila: “Over time we expect strong performance from Bremerton due to new developments such as those taking place at Puget Sound Naval Shipyard.”
