|Deal Type||Fannie Mae|
The transaction includes a $11,966,000 ($104,965/unit) non-recourse, first mortgage loan secured by a 114-unit, garden-style multifamily apartment community known as Timothy Park, located in Ellensburg, WA. Built in 2002, the Property comprises of 57, two-story apartment buildings, spread on 19.92 acres of land. The Borrower developed the Property approximately 15 years ago and the proposed loan will be used to refinance the existing debt of the Property. The loan is structured with a 15-year term, with an initial 60-month interest-only period, followed by a 30-year amortization schedule.