The Portland office of CBRE Capital Markets recently announced the financing of a $25,045,000 loan that allowed Vancouver-based Holland Partner Group and HPK Multifamily LLC to purchase a 304-unit apartment complex in Kent, Washington.
The borrowers obtained the loan at 80 percent of value/cost with a ten year, fixed rate term at 4.21 percent, including two years of interest-only payments.
“We were able to lock the interest rate within a week and a half of receiving the loan application and close just over a week later,” said Nick Santangelo, VP of the Portland office of CBRE Capital Markets. “The entire process took less than three weeks from application to closing.”
“We were extremely happy with the terms of the loan and the speed in which it was executed,” added Eli Hanacek, COO of Holland Investment Management.
Holland Partners owns and/or manages more than 21,000 multifamily units in Washington, Oregon, California, Colorado, Nevada and Arizona.
