RENTON, WA - Terra Capital Partners announced the closing of a preferred equity investment for SECO Development's corporate reorganization of the Bristol I Apartments in Renton, WA. Terra, a New York based income fund manager, will provide a $22.5 million investment to fund the recapitalization of the property, nearby development projects, and a preferred return reserve as well as cover closing costs.
Located in the waterfront community of Southport on Lake Washington near Seattle, Bristol I is a mid-rise apartment complex with 188 units that is currently 79% occupied. The property offers exceptional lifestyle amenities including an onsite café, 24-hour waterfront fitness center, business center, residents' club and full kitchen for entertaining.
"We are delighted to have completed this investment with SECO Development, one of the true pioneers of apartment development in the Seattle area," said Dan Cooperman, Chief Originations Officer at Terra. "The property's waterfront location and proximity to demand drivers, coupled with SECO's operational strength, make this an exciting investment for us."
"Terra's team mobilized quickly and closed the loan on the agreed-upon terms," said Michael Christ, Chief Executive Officer of SECO Development. "We thank Terra for their partnership."
"You can live on the water at a reasonable cost, grab a great meal or a drink at one of the nicest hotels in the region and walk across the street to work in a brand new glass tower overlooking Lake Washington and the Seattle skyline," said Dave Karson, Executive Managing Director at Cushman & Wakefield. "SECO and Terra both recognized a great opportunity to help expand and improve the Southport campus."
Terra is a New York-based lender that specializes in mezzanine and bridge loans in high quality commercial real estate. Terra lends on multifamily, hotel, office, retail and industrial properties throughout the United States.
Source: Terra Capital Partners / #Apartments #Multifamily