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July 14, 2022
$67M loan for Mukilteo apartments
Snohomish County hasn't yet recorded the sale, but CBRE announced that it recently secured a $67 million loan to recapitalize the 235-unit Bella Terra in Mukilteo. CBRE's Nick Santangelo, Matt Thorp and Rick Brody led the effort to obtain what it called a five-year, floating-rate, full-term, interest-only loan. CBRE says the new owners are Holland Partners Group and Principal Real Estate Investors. The last recorded sale came in 2016, for $70 million, to an LLC associated with Starwood Property Trust. Said Santangelo, “CBRE was able to source very accretive debt that fit the structure and needs of the sponsor's investment.”