MJW Investments, a Los Angeles-based firm, recently acquired the Delano Apartments, a 126-unit multi-family community located near downtown Redmond, Washington. The property was purchased with moderately low leveraged agency loan assumption at 3.28% fixed rate financing and more than seven years remaining on the loan term.
Head of Acquisitions Tony Cianciolo commented that “the residential setting in walking distance to the future Downtown Redmond Link light rail station and strong unit mix offers an exceptional product in this market.” He further noted that they remain confident that large floor plans will continue to be highly sought after and enable them to draft behind rents of new construction nearby.
Mark Weinstein – MJW’s Founder & President – expressed his delight over acquiring such high quality asset during these unique economic times with below market fixed rate assumable financing offering positive leverage from day one: “This generational asset on the Eastside will continue benefitting from blue chip tech giants like Microsoft for years ahead”.
