By Alex Girda, Associate Editor
A multifamily property in Tacoma was recently granted a $14.3 million Freddie Mac first mortgage refinancing. Commercial real estate lender Hunt Mortgage Group arranged the financing for Metropolitan Apartments Phase I in Tacoma. The borrower is a limited liability company backed by John Wise, key principal & owner of Metropolitan Apartments.
According to the announcement, the loan term is five years, with principal amortizing over a 30-year schedule. The proceeds are to be used to refinance existing debt. The Hunt Mortgage Group team handling the financing process consisted of Darryl Reimer, Stacy Benton and Josh Messier.
Metropolitan Apartments Phase I is a five-story apartment community totaling 88 residential units. The property is located at 233 St. Helena Ave., offering residents great views of Commencement Bay and easy access to important transportation centers. Renters at Phase I also benefit from the amenity package offered by the nearby Phase II.
Amenities include a 2,000-square-foot fitness center, indoor pool and spa, tanning rooms, lockers, clubroom with large screen TV and adjacent billiard room, kitchen and private 16-person dining room, indoor putting green, 39-seat movie theater, dance studio and outdoor pool.
“Metropolitan Apartment is in excellent condition and offers tenants superior amenities,” stressed Vice President of Mortgage Banking at Hunt Mortgage Josh Messier. The 2003-completed property features units that offer full-size washer/dryers, a street-level plaza with barbecue grills and tables, a conference room and a fitness room. According to Messier, the property has “high occupancy rates, strong management and operating fundamentals.”
Image courtesy of themetropolitantacoma.com.
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