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RENTON, WA-Locally based Seco Development has paid off its construction loan for the 188-unit Bristol Apartments at Southport with a 10-year, $24-million permanent loan. Key Bank held the construction loan. Freddie Mac holds the permanent loan.The Freddie Mac financing has a spread of about 100 basis points over the 10-year treasury, according to a source at Johnson Capital, which arranged the financing. The loan is fixed for nine years and then floats during the 10th year. Johnson Capital loan officers John Dewitt and S. Amos Smith arranged the transaction.Built in 2002, the property is located on the north side of Lake Washington Boulevard on the Lake Washington waterfront. Vacancy in the project is less than 5%.Under similar loan terms, Seco also recently refinanced Chelsea at Juanita Village, an upscale 196-unit development that it sold earlier this month for $48.6 million. A source at Seco tells GlobeSt.com that Bristol Apartments is “not on the market at this time.”

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