A joint venture between Legacy Partners and Affinius Capital has secured the refinancing of Maris, a 306-unit luxury multifamily community in Seattle.
The floating-rate loan was provided by Landesbank Hessen-Thüringen and amounted to $57.5 million, according to public records. Cushman & Wakefield arranged the financing. The property was previously subject to a $49.6 million construction loan from PNC Bank originated in 2019, Yardi Matrix data shows.
Completed in December 2021, the community includes studio, one- and two-bedroom floorplans ranging from 360 to 1,156 square feet, as well as 9,369 square feet of ground-floor retail space. Apartments feature in-unit washers and dryers, along with air conditioning and private balconies for select layouts. Residents also have access to a fitness studio, coworking space with conference rooms, pet wash and bike storage.
The property comprises 55 units designated as affordable for individuals earning between 40 and 85 percent of the area median income. The asset also benefits from 12-year tax exemption through Seattle’s Multifamily Property Tax Exemption program.
A well-located Seattle asset
Located at 4722 Fauntleroy Way SW, Maris is situated in West Seattle, some 6 miles from the metro’s downtown. Within walking distance of the community there are numerous retail and dining options. It is also adjacent to the West Seattle Golf Course and Stadium.
Cushman & Wakefield’s Equity, Debt & Structured Finance team led by Executive Managing Directors Dave Karson, Alexander Hernandez and Christopher Moyer, along with Senior Director Paul Roeter, Managing Direct Alex Lapidus and Senior Associate Meredith Donovan represented the borrower in the transaction. Hernandez and Lapidus recently assisted Building and Land Technology in securing $257 million for a New Jersey property with more than 1,150 units.
