$57MM • Ferndale, wa
Transaction Highlights
- Senior Construction Loan of $45MM
- PACE Loan of $12MM
- PACE LTV: 12.5%
- CLTV of 59.3%
- Capitalized interest period of 32 months
- 12 months of interest only
- 26 year amortization
c-PACE:
$12MM
Location:
WA
Type:
New Construction
building:
Multifamily
Term:
30 Years Fixed
Status:
Closed
Project Description
Innovative combo-loan package of $45 million in senior funding for construction and $12 million in PACE financing for Harrington Place, a 350-unit multi-phase apartment community in Ferndale, WA.
- Bayview PACE provided $12 million in Commercial Property-Assessed Clean Energy (C-PACE) funding.
- Oceanview Life and Annuity Co., brought in $45 million of construction financing.
Both affiliates of Bayview Asset Management.
