Cushman & Wakefield has served as exclusive advisor to a joint venture between Legacy Partners and Affinius Capital for the financing of Maris, a new Built Green certified luxury apartment development in Seattle, Washington.
The property at 4722 Fauntleroy Way SW in West Seattle comprises 306 units and features 9,369 square feet of ground floor retail space.
The borrower’s interests in the refinancing were represented by a team from Cushman & Wakefield’s Equity, Debt & Structured Finance division, which included Dave Karson, Alexander Hernandez, Chris Moyer, Alex Lapidus, Paul Roeter, Meredith Donovan, and Sam Wayne from the Multifamily Capital Markets team. Landesbank Hessen-Thuringen (Helaba) provided the floating-rate loan.
Maris was completed in December 2021 and has achieved an impressive occupancy rate of over 95%. With a diverse range of studio, one-bedroom, and two-bedroom layouts, the development caters to multiple residential preferences, also offering an underground parking garage with 256 parking spaces.
Amenities include a rooftop lounge equipped with grilling stations, an on-site co-working space and conference room, a state-of-the-art fitness studio, bike storage facilities, smart tech entry systems, and a top-floor resident lounge. The development also qualifies for a 12-year tax exemption through Seattle’s Multifamily Property Tax Exemption (MFTE) program.
Maris is a prime example of what lenders are seeking at the present time—a quality multifamily asset in a desirable market
According to Dave Karson, Vice Chair at Cushman & Wakefield, the development exemplifies the type of multifamily asset that lenders are currently backing. He says: “Maris is a prime example of what lenders are seeking at the present time—a quality multifamily asset in a desirable market, with solid underwriting metrics, and a top-rated sponsorship.”
Alexander Hernandez, Executive Managing Director of the global real estate services firm, highlights strong occupancy and market demand, and the development’s positioning in the West Seattle neighborhood which offers residents a “premier live-work-play residential experience” near the city’s primary office and cultural hubs.
Helaba Vice President, Jason Deck, says: “This transaction results from a compelling opportunity to provide financing to experienced sponsors in a market with strong demand for quality housing.”
Maris enjoys a convenient location, with numerous well-known retailers just across the street and a variety of eclectic neighborhood restaurants and shopping boutiques within a walkable distance of two blocks. Moreover, the property is conveniently situated just a 10-minute drive from downtown Seattle (approximately 22 minutes via the C-line bus) and a 20-minute drive from Bellevue, allowing residents easy access to both city centers. Notably, it enjoys convenient access to a nearby Rapid Transit stop.