Updated Oct 13, 2025
Michael Corliss Of Investco Secures $33M Loan For Renwood Apartment Homes In Bonney Lake
9002 186th Avenue East
$33,000,000
Units
186
Asset Type
MultiFamily
Closing
Oct 8, 2025
About this deal
AI
The property asset involved in the transaction is the 186-unit Renwood Apartment Homes located at 9002 186th Avenue East in Bonney Lake, WA. The asset type is multifamily, built in 2014, featuring one- to three-bedroom units along with modern amenities such as a pool, fitness center, and dog park.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $33,000,000
- Lender: Fannie Mae
- Landlord: Michael Corliss - Investco
- Broker: Northmarq
- Loan Purpose: To retire maturing debt
Northmarq, acting as broker, facilitated the arrangement of the loan for Investco, the owner of the multifamily property. This transaction highlights the involvement of Fannie Mae as the lender and Michael Corliss representing Investco in the deal.
Players
Bonney Lake MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93