BOSTON, MA - CWCapital LLC, a subsidiary of CW Financial Services and a full-service, national lender to the multifamily and healthcare real estate industries, today announced that it has provided $71.5 million for the acquisition of Shorewood Heights, a 645-unit multifamily property located on Mercer Island, Washington.
Source: CW Financial Services
The 10-year loan was financed through CWCapital's Agency Lending Group and originated by Allan Edelson, Senior Vice President in CW's Chicago office. Executed through Fannie Mae's DUS Program, the loan represents the first transaction CW has completed with Seattle based Pinnacle, the largest non-affiliated multifamily management company in the United States. The Pinnacle Family of Companies manages a portfolio valued at more than $22 billion and employs over 5,000 professionals worldwide.
Mercer Island is one of the most exclusive residential neighborhoods in the Seattle area and offers a highly regarded school district and easy commute to both Seattle and Bellevue. Shorewood Heights is a Class A apartment community situated on 45 forested acres, offering outstanding views of the Cascade Mountains and Lake Washington. The community was originally constructed in 1949 with a second phase adding 78 units completed in 2002. Property amenities include garage parking, business and fitness centers, a playground, tennis courts, barbecue area and concierge service.
Allan Edelson stated, "Shorewood Heights is a trophy asset and bidding for the financing was highly competitive. Fannie Mae has enjoyed a longstanding relationship with Pinnacle and utilized their familiarity with the borrower to develop an aggressive finance proposal. I would like to acknowledge Fannie Mae's Large Borrower Group, who I found to be both borrower and market focused, as well as incredibly knowledgeable. The borrower was pleased with the favorable terms and efficient execution of the loan, and we were pleased with Fannie Mae's willingness to work collaboratively in developing a unique structure that provided the flexibility Pinnacle desired."
Michael Berman, President and CEO of CWCapital, added, "We are pleased to be able to complete this transaction for our borrower and to see activity in the lending sector increasing. We have seen a steady increase in loan application activity and we continue to close Fannie Mae, Freddie Mac and FHA loans at a record pace. CW is currently on track to exceed projected origination goals for 2010. I believe this surge in activity is a testament to the skill and dedication of our platform."
A leading Freddie Mac, Fannie Mae, and FHA lender offering origination, underwriting and servicing through its network of national lending offices, CWCapital has closed over $11.5 billion in loans since 2002, and currently services a portfolio of $11.6 billion in loans in 48 states.
CW Financial Services is a unique, vertically integrated commercial real estate debt platform comprised of CWCapital LLC, CWCapital Investments LLC and CW Capital Asset Management LLC. Offering a full range of products and services including multifamily lending, servicing, special servicing, consulting and investment management, CW Financial Services employs approximately 370 professionals in 14 offices nationwide.