Regions West | Seattle/Portland
Aug 22, 2008
CREA/Legacy Federal Way L.L.C., a joint venture involving Legacy Partners and Cornerstone Real Estate Advisors, has closed on a $30 million first mortgage for Campus Grove Apartments in Seattle. News of the pending closing of the partners' $40 million acquisition of the 309-unit multifamily property emerged in March. Acting on behalf of the ownership, Holliday Fenoglio Fowler L.P. orchestrated the financing, which came in the form of a five-year loan at a 5.91 percent fixed rate from Cigna Investments. Occupying a nearly 24-acre parcel at 1300 Campus Way SW, Campus Grove was developed in 1991. The apartment community consists of 67 structures and is presently 85 percent leased. Proceeds from the loan will be used to fund a comprehensive renovation of the property.
CREA/Legacy Federal Way L.L.C., a joint venture involving Legacy Partners and Cornerstone Real Estate Advisors, has closed on a $30 million first mortgage for Campus Grove Apartments in Seattle. News of the pending closing of the partners' $40 million acquisition of the 309-unit multifamily property emerged in March. Acting on behalf of the ownership, Holliday Fenoglio Fowler L.P. orchestrated the financing, which came in the form of a five-year loan at a 5.91 percent fixed rate from Cigna Investments. Occupying a nearly 24-acre parcel at 1300 Campus Way SW, Campus Grove was developed in 1991. The apartment community consists of 67 structures and is presently 85 percent leased. Proceeds from the loan will be used to fund a comprehensive renovation of the property.
Recent Seattle/Portland Headlines
Nov. 04, 2008