Landmark Capital is pleased to announce the successful closing of a $5,385,000 bridge loan in Burien, WA. The property is located just west of the Seattle-Tacoma International Airport. Loan proceeds provide for the acquisition and repositioning of Fox Cove Apartments, a 36-unit community.
Landmark Capital identified a bridge lender with extensive multifamily expertise that met the borrower’s objective of maximizing leverage at a competitive rate. Sized at 80% LTC, the non-recourse bridge loan was interest only at LIBOR plus 385 bps for the 3-year term.