Broadstone Claro
Overview
Deal Type |
Commercial Lending |
---|---|
Size |
$43 Million First Mortgage Loan |
Summary
The transaction includes a $43,061,000 ($241,916/unit) non-recourse, first mortgage loan secured by a 178-unit, mid-rise apartment complex known as Broadstone Claro in Vancouver, Washington. Built in 2023, the property is composed of a seven-story apartment building situated on an 0.897-acre tract of land. The subject includes 20% affordable units (36 units) under an affordable housing program at 100% of the area median income rents. The proposed loan will be used to refinance the existing debt. The loan is structured with a seven-year term, and subsequent to a three-year interest-only period, amortizes on a 420-month schedule.