Berkshire arranges for four Seattle area luxury garden-style apartments. (Community Showcase).Berkshire Mortgage Finance (BMF BMF - Bird-Meertens Formalism ) recently arranged financing for the acquisition of Alderwood Park, Ridgegate Apartments, Ridgetop Apartments and Wellington Apartments. Located in the metropolitan Seattle area, the four properties comprise more than 800 luxury garden-style units. BMF funded four individual first mortgage Fannie Mae Fannie Mae: see Federal National Mortgage Association. loans for an aggregate of $37.9 million. In addition to the first mortgage loans, BMF provided an $8.12 million Mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). . The Mezzanine loan was funded through the Berkshire/Wafra Mezzanine Fund A mezzanine fund is a type of private equity or merchant banking fund. A typical mezzanine investment consists of a debt or debt-like instrument, paired with an equity “sweetener. . Ridgetop and Wellington apartments are both located in Silverdale, Wash., and comprise 240 units and 221 units, respectively. Ridgegate Apartments, located in Kent, contains 153 units, and Alderwood Apartments, located in Lynwood, contains 188 units. The four properties offer numerous amenities, including fitness facilities, working fireplaces, on-site security, swimming pools and playgrounds. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion