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January 5, 2023
What Koz Development calls Koz on MLK, with 161 units, opened last May a little northwest of downtown Tacoma, facing People's Park, on the north end of the Hilltop neighborhood. Koz acted as its own architect, with Deacon Construction as the builder. Work began in 2020, replacing an old church on the corner site. Now, with the six-story building almost fully leased, Cushman & Wakefield has brokered an over $15.7 million refinancing deal. C&W's Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein represented Koz. Michael Zampetti at Greystone originated the Fannie Mae loan, which is a 10-year, fixed-rate instrument, with full-term interest only. Moyer said of Koz, “The sponsor did an amazing job delivering a product that's both high quality and affordable in a strong market. As a result, we were able leverage the unique nature of the opportunity to get really advantageous loan terms.”