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February 15, 2024

Berkadia lands $21M loan for Pierce County deal

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Duo

As the DJC reported earlier this month, the fairly new 104-unit Duo apartments in University Place sold for nearly $30.5 million. The seller was builder/developer SEB Development, and the buyer was a private investor group. Now Berkadia has shed a bit more light on the Pierce County deal. Its Michael Manolides, Robert Doxsee, Michael Basinski and Brad Williamson secured a $21.5 million loan for the buyer. The lender was Bayview, of Coral Gables, Florida. Manolides said in a statement, “Despite the volatility in the capital markets and the unique nature of the in-progress lease-up, Berkadia was able to find a non-recourse, fixed-rate loan, which greatly reduced the sponsor's interest rate risk over the near term.”




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