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July 18, 2024

JLL arranges $17M loan in Wenatchee

Over in Wenatchee, the Landing at Saddlerock is an 84-unit garden apartment complex that was completed in December. Graystoke Capital Partners recently acquired the property from the original developer, Eider Construction, for an undisclosed price. (Mason Fiascone at Paragon Group was the seller's broker; Chelan County recorded the late May sale at just under $26 million.) Graystoke is based in Boise, and worked with the JLL office in Denver to secure a Fannie Mae loan worth nearly $16.9 million. Leading the acquisition financing effort were JLL's Brock Knapp and Tony Nargi. The latter said in a statement, “Graystoke uncovered a terrific buy of a brand-new property at well below current replacement cost. The strong sponsorship, market fundamentals and acquisition financing allowed for Fannie Mae to utilize their near stabilization program and close the loan at 82% occupancy.” Graystoke invests in the Mountain West region, with about 2,000 units in a portfolio it values at $400 million. The firm's Graye Parnell said in a statement, “We are excited about Wenatchee and the recent economic developments within the market.”




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