JLL has successfully arranged a $79 million refinancing deal for Marina Square, a newly constructed luxury apartment complex with 270 units located on the picturesque Puget Sound waterfront 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. The five-year loan was secured through TPG Real Estate Credit.
Sound West Group has been recognized as the 2023 Developer of the Year by NAIOP and Marina Square itself has been awarded as the 2023 Mixed-Use Development of the Year. This prestigious recognition speaks to both parties’ commitment to excellence in their respective fields.
Marina Square boasts an array of studio, one-, and two-bedroom units along with retail space currently occupied by The Market at Marina Square. Future tenants will include a YMCA facility and waterfront restaurant adding even more value to this prime location within an Opportunity Zone at 280 Washington Avenue just steps away from Bremerton Ferry Terminal and Bremerton Boardwalk.
According to JLL Senior Director Seth Heikkila: “The next few years are expected to see significant growth in Bremerton due largely in part to exciting new developments involving Puget Sound Naval Shipyard and Naval Base Kitsap.” With such promising market dynamics ahead for this area compared nationally speaking it is no wonder that investors were eager for this opportunity presented before them.
