Dealmaker: Marcus & Millichap Capital Corp. Arranges $28M for Seattle-Area Multifamily

(Illustration courtesy of Marcus & Millichap Capital Corp.)

Marcus & Millichap Capital Corp., Calabasas, Calif., arranged $28 million in financing for Sunset Terrace, a 108-unit multifamily property in Renton, Wash.

Located at 2715 Sunset Lane NE, Sunset Terrace includes nearly 4,000 rentable square feet of commercial space.

Tammy Linden, managing director in MMCC’s Seattle office, arranged the financing with Lument, New York, on behalf of borrower ST Renton LLC. The transaction was executed as a HUD 223(f) loan with green certification, providing maximum leverage to retire the interim acquisition bridge loan originally arranged by Linden and MMCC at the issuance of the temporary certificate of occupancy in July 2023.

Located within a short drive of Seattle, the property delivered in 2023 with a mix of studios, one- and two-bedroom apartments, live/work units and two commercial tenant suites.