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October 11, 2001

American Property Financing

American Property Financing's Seattle office loaned $11.75 million on Granite Investment Group's recent purchase of the 236-unit Lexington Downs apartments in Federal Way. The New York-based commercial mortgage banker said the 10-year note charges 6.59 percent. "As a part of the new acquisition and financing, Lexington Downs will receive over $1 million in improvements," the lender said. American Property said so far this year the Seattle office has originated $71 million in apartment building acquisition loans, including: $6 million on Garden Point in Seattle; $6 million on Pine Meadow Village in Albany, Ore.; $10.6 million on Richardson Vistas in Anchorage; $10.4 million on Huntington Village in Richmond, Va.; $14.56 million on Summerlakes Apartments in Fort Lauderdale, Fla.; $4.17 million on Willow Run in Sacramento, Calif.; and $5.2 million on Sable Walk Apartments in Clearwater, Fla.




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