The loan is a 3-year, 7.125 % fixed rate mortgage, interest-only for the first year, rolling to adjustable with a 30-year amortization. The loan to value ratio was 75% with debt service coverage of 1.25x.
The class A property has 44 mid-rise apartment units with 2,900 sf of commercial space. The complex includes studio, one, two and three bedroom units, including three penthouse units. Amenities include large windows and views of the Puget Sound and the Olympic mountains.
Both Steelhead Capital, which sourced the loan, and Horizon Realty Advisors, managers for Five-Hundred Elliot, LLC, occupy commercial space in the building. Occupancy is close to 95%.
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