Stearns Bank Provides $34.8M Construction Loan For 199-Unit Multifamily Property In Tacoma, WA
2502 Pacific Avenue
$34,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Sep 11, 2022
AI
The multifamily property located at 2502 Pacific Avenue in Tacoma, WA has been involved in a recent loan transaction. The asset consists of 199 units, making it a significant investment opportunity in the local market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $34,800,000
- Address: 2502 Pacific Avenue, Tacoma, WA
- Market: Tacoma, WA
- Lender: Stearns Bank
- Brokers: Kaden Eichmeier & Jake Davidson - JLL Capital Markets
- Loan Type: Construction
The loan amount for this transaction is $34,800,000, provided by Stearns Bank. The loan type is specified as construction, indicating that the funds will be used for the development or renovation of the multifamily property. Kaden Eichmeier and Jake Davidson from JLL Capital Markets represented the parties involved in the deal, showcasing their expertise in brokering such transactions.
Tacoma MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93