NewPoint Real Estate Capital Provides $86.6M Acquisition Loan for Alcove at Seahurst Multifamily Community Near Seattle

by Amy Works

BURIEN, WASH. — NewPoint Real Estate Capital has provided an $86.6 million Freddie Mac floating-rate loan to facilitate the purchase of Alcove at Seahurst on behalf of an affiliate of Harbor Group International.

Constructed in 1948, the garden-style Alcove at Seahurst features 44 residential buildings spread across 36 acres at 14001 Ambaum Blvd. SW. The community features 543 units in a mix of one-, two- and three-bedroom apartments with fully equipped kitchens, washers/dryers and architectural built-ins. Community amenities include a playground, coffee bar, fitness center, business lounge and grilling and picnic areas.

The seven-year Freddie Mac loan features an interest-only period of five years, providing Harbor with the flexibility to execute a value-add renovation.

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