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August 25, 2022

Berkadia secures $28M for Tacoma buy

Berkadia announced an acquisition financing deal that closed earlier this month in Tacoma. For the new 114-unit 6th & Alder, the firm's Rob Doxsee and Michael Manolides landed a 30-year bank loan worth $28.5 million. The fixed-rate note loan features one year of interest-only, a 30-year amortization schedule and a 62% loan-to-value ratio. Doxsee said in a statement, “The property had not yet been stabilized and was still in lease up when we went to market for the financing. It was a winning solution for everyone.” The building, completed last year at 3118 Sixth Ave., sold for about $46.2 million this month to a Seattle family investment group. Public records identify HomeStreet Bank as the lender.




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