Northwest Commercial Mortgage Co., Seattle, was the advisor on the transaction. The 10-year Fannie Mae loan, which closed April 30, carries an interest rate of 7.055%.
The Renton area is one of the region's most popular rental areas. Apartment investors and builders have been attracted to the area for years because of The Boeing Co.'s huge presence. The aerospace giant has two of its largest plants nearby plus a new office facility on the former Longacres Race Track.
Prudential Mortgage Capital Company is a national full-service, commercial mortgage finance business, originating mortgage loans for Fannie Mae and FHA programs, the capital and high-yield markets, Prudential's general account, and other institutional investors. As of December 31, 2000, Prudential Mortgage Capital had a combined servicing portfolio of $32 billion.
The Prudential Insurance Company of America, with more than $371 billion in assets under management as of December 31, 2000, is among the largest financial services institutions in the world, and one of the largest life insurance companies in the United States.
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