ACG and Canyon Partners Land $61M Refi for Seattle Community – Multifamily Real Estate News
gray stone provided a $61.3 million 10-year fixed-rate Fannie Mae refinance loan to Kinect @ Lynnwood, a 239-unit community in Lynnwood, Wash. American Capital Group and Canyon Real Estate Partners hold the newly developed Class A property, which was previously the subject of a $45.5 million construction loan, provided by American bank in 2020, according to Yardi Matrix data.
Dave Karson, Chris Moyer, Alex Lapidus and Chris Meloni of Cushman and Wakefield represented the borrower. Michael Zampetti of Greystone originated the term interest-only loan.
A luxurious suburban Seattle community
Kinect @ Lynwood was completed in 2021. The seven-story building features a mix of studio, one-, and two-bedroom apartments, ranging from 486 to 939 square feet. Interiors include fully equipped kitchens, stainless steel appliances, wood-style floors, walk-in closets in some apartments, and washers and dryers in all units. Common facilities include a clubhouse, fitness center, coffee bar, business center, and a courtyard with a lounge, fire pit, and grilling stations.
Located at 4200 Alderwood Mall Blvd. in the suburb of Lynnwood, the property is 16.3 miles north of Seattle and has access to Interstates 5 and 405, making travel easy. Picnic Point-North Lynnwood and Meadowdale Beach Park are within 3 miles of the property. Dining and retail options are available nearby along SW 196th Street and W. 4th Avenue, including Olive Garden, Applebee’s, Whole Foods Market, and Nordstrom.
According to Yardi Matrix, American Capital Group currently owns five properties in various stages of development in Seattle, Portland and Sacramento, totaling 1,867 units. The company recently launched Kinect construction in Southport, a 322-unit community in West Sacramento, California.