Cushman & Wakefield and Greystone jointly announced the firms have closed on the refinancing for Koz on MLK Way, a newly-built, 161-unit multifamily property in Tacoma, Washington.
Cushman & Wakefield served as the exclusive advisor to an affiliate of Koz Development, LLC in arranging approximately $15.75 million of financing for the multifamily asset. The Fannie Mae DUS® financing was provided by Greystone.
A Cushman & Wakefield Equity, Debt & Structured Finance team consisting of Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein represented the borrower in the transaction.
Greystone’s Michael Zampetti originated the Fannie Mae loan, which is a 10-year, fixed-rate loan, with full-term interest only.
“The Sponsor did an amazing job delivering a product that’s both high quality and affordable in a strong market. As a result, we were able leverage the unique nature of the opportunity to get really advantageous loan terms. The Sponsor and the Cushman & Wakefield team were a pleasure to work with, and I look forward to working with them again soon,” said Senior Managing Director Michael Zampetti.
Located at 824 Martin Luther King Junior Way, the six-story property consists of a mix of studio, 1, 2 and 3-bedroom units averaging 395 rentable square feet. The property also includes 6,370 square feet of ground floor retail space. On-site residential amenities include a furnished courtyard space equipped with BBQs and lounge seating, on-site and in-unit laundry, and private balconies for select apartments.
The location also provides convenient access to numerous amenities including restaurants, supermarkets, fitness centers, and other retailers, all within a one-mile radius. The property is also two blocks from the new future Hilltop light rail station, connecting to popular Tacoma destinations.
Executive Managing Director Chris Moyer said, “Koz on MLK Way opened in May of 2022 and through robust leasing activity was nearly fully occupied at the time of refinancing. The property represents a high-quality, highly-amenitized, affordable housing community with an urban Tacoma location offering residents a premier live-work-play residential experience with immediate access to major employment centers in downtown Tacoma as well as commuting routes to Seattle in under an hour.”
Moyer continued, “Tacoma’s apartment market has greatly benefited from its position as one of the country’s fastest-growing cities.”
Koz Development is a Washington-based private real estate development and management firm focused on delivering affordable, high-quality multifamily residential properties targeting individuals that make 60-80% of area median income.
Koz on MLK Way is located in an Opportunity Zone.