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BREMERTON, WASH. — New Standard Equities (NSE) has received a $19.8 million refinancing for the 120-unit Village Fair Apartment Homes in Bremerton.
This was the asset’s third refinance since NSE purchased it for $13.1 million in December 2016. Its appraised value today is $30.6 million. Village Fair is located at 309 NE Fairgrounds Road, west of Seattle.
NSE has spent more than $2.2 million in capital improvements, including renovating 90 percent of the units. The transaction features a five-year, fixed-rate, interest-only loan. M&T Bank provided the Fannie Mae loan, which Brian Eisendrath at IPA arranged.