Built in 2018, this four-story apartment complex features 28 small-format studio units, with each unit advantageously not sharing a wall with another. The property was 93% occupied at closing and maintained throughout the life of the loan, indicating strong tenant demand and stability.

RRA Capital's loan was specifically designed to pay off the existing loan, allowing for a seasoning period before pursuing a potential refinancing with a HUD loan. The borrower had already initiated the HUD loan application process prior to RRA Capital's involvement.

RRA Capital provided a $5,250,000 non-recourse loan with a 24-month interest-only term, offering two 6-month extension options. The loan includes a modest reserve to cover any cash flow shortfalls during the lease-up period. Its primary objective is to refinance the construction loan, providing ample time for seasoning and potential rent increases before securing a HUD loan.

Residents of the apartment complex enjoy a range of amenities designed to enhance their living experience. These include a rooftop deck, bike storage, storage units, secure access, and a laundry room on each floor. The units themselves feature modern appliances such as touch-activated cooktops, Whirlpool refrigerators, and cadet convection heaters.

The property is professionally managed by a reputable Seattle-based property management firm with extensive experience in the local market. Their successful track record in managing residential and commercial properties in the Seattle metro area adds value and ensures efficient operations.

The apartment complex is well-positioned for continued success. RRA Capital's expertise in complex transactions and dedication to facilitating growth in the real estate sector further solidify their role as a reliable financing partner.

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