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August 11, 2005

L.J. Melody & Co.

L.J. Melody & Co., the real estate investment banking division of CB Richard Ellis, arranged $22.4 million in financing for two Puget Sound-area apartment properties. It arranged $12 million for Ivy Ridge Apartments. The student housing property, built in 1998, has 150 units. L.J. Melody's Seattle office secured the funding for the transaction. Aegon USA Realty Advisors provided the financing on behalf of Tylee LLC and Su Development. The company secured $10.4 million in 10-year fixed-rate financing for the Cobble Court III Apartments in Pacific. The 171-unit property was built in 1991. The borrower refinanced to capitalize on lower interest rates and access equity in the project. Mary McDonald, director, and Mac McConnico, director, of L.J. Melody's San Francisco office, secured the funding for Cobble Court III LLC, with the loan to be purchased by Freddie Mac.




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