GREENWOOD MARKETING PROPOSAL 24 Units | Built 1979 5304 San Francisco Ave SW | Lakewood, WA 98499
INVESTMENT ADVISORS MITCHELL BELCHER Managing Director T: +1 (206) 801-3072 mitchell.belcher@berkadia.com STEVEN CHATTIN Managing Director T: +1 (206) 521-7224 steven.chattin@berkadia.com JAY TIMPANI Managing Director T: +1 (206) 801-3067 jay.timpani@berkadia.com
MAGNOLIA
CHAD BLENZ Associate Director T: +1 (206) 801-3075 chad.blenz@berkadia.com
2
BERKADIA NORTHWEST 601 Union Street, Suite 3909 Seattle, WA 98101 206.521.7220 Berkadia.com | northwest.berkadiarea.com BERK ADIA
TABLE OF CONTENTS 5
RENTAL COMPS
15
SALE COMPS
19
BERKADIA TEAM & SERVICES
23
MAGNOLIA
BERK ADIA
FINANCIAL ANALYSIS
3
I
FINANCIAL ANALYSIS
PROPERTY OVERVIEW GREENWOOD
MAGNOLIA
RENT SCHEDULE UNIT TYPE
COUNT
AVG. UNIT SF
TOTAL SF
CURRENT RENT
MARKET RENT
RENOVATED RENT
MONTHLY RENT
ANNUAL RENT
RENT/SF
1 Bed / 1 Bath
6
650
3,900
$775
$875
$1,000
$6,000
$72,000
$1.54
2 Bed / 1 Bath
18
800
14,400
$865
$975
$1,100
$19,800
$237,600
$1.38
TOTAL/AVERAGE
24
763
18,300
$843
$950
$1,075
$25,800
$309,600
$1.41
6 BERK ADIA
SUMMARY LOCATION Property Name Address City, State, Zip County Parcel Number
UNITS
% TOTAL
AVG SF
Greenwood
1 Bed / 1 Bath
6
25%
650
5304 San Francisco Ave SW
2 Bed / 1 Bath
18
75%
800
24
100%
763
Lakewood, WA 98499
TOTAL / AVERAGE
Pierce 0219114194
BUILDING Units
24
Built
1979
Buildings
6
Stories
2
Total Apartment SF Average Unit SF Market Avg Apartment Rent/Unit
1.65 18,300 763
TOTAL UNITS
$843
75%
1 BD / 1 BA
MAGNOLIA
2 BD / 1 BA
UNIT MIX
Site Size (Acres)
25%
7
BERK ADIA
PRO FORMA BERKADIA PRO FORMA
INCOME Scheduled Market Rent
$309,600
Less: Vacancy
5.00%
($15,480)
Net Rental Income
$294,120
Other Income Plus: RUBS Income
PER UNIT 85.00%
Plus: Other Income
$1,020
$24,480
$250
$6,000
Total Other Income
$30,480
Total Operating Income
$324,600
EXPENSES
PER UNIT
Administrative
$175
$4,200
Marketing & Advertising
$50
$1,200
Payroll
$400
$9,600
Repairs & Maintenance/Turnover
$550
$13,200
$812
$19,476
$1,200
$28,800
Management Fee Utilities
6.00%
Contract Services
$300
$7,200
Real Estate Taxes
$1,164
$27,925
Insurance
$250
$6,000
Replacement Reserves
$250
$6,000
Total Expenses
TOTAL NOI Less: Debt Service
MAGNOLIA
Projected Net Cash Flow
$123,601 Per Unit:
$5,150
Per SF:
$6.75 $1,005,328 ($81,606) $119,393
Total Economic Loss
5.00%
Cash-on-Cash Return (Based on Potential Reach)
10.19%
Cash-on-Cash Return (Based on Competitive Offer)
11.92%
Cash-on-Cash Return (Based on Strong Price Support) Debt Service Coverage
14.36% 2.46
8 BERK ADIA
VALUATION PRICE
$/UNIT
$/SF
IN PLACE CAP RATE
RENOVATED + COSTS CAP RATE
MARKET CAP RATE
Potential Reach
$3,480,000
$145,000
$190
3.95%
5.53%
5.78%
Competitive Offer
$3,310,000
$137,917
$181
4.15%
5.80%
6.07%
Strong Support
$3,140,000
$130,833
$172
4.38%
6.10%
6.40%
PRICING SUMMARY
POTENTIAL REACH
$94,300,000
POTENTIAL REACH
$94,300,000
POTENTIAL REACH COMPETITIVE OFFER
$3,480,000 $94,300,000
10-YR IRR
CASH IRR
Potential Reach
9.09%
14.40%
Competitive Offer
9.79%
16.48%
Strong Support
10.53%
19.03%
ALL FINANCING Total Loan Amount
$92,300,000
$2,331,600
Down Payment
COMPETITIVE OFFER COMPETITIVE OFFER STRONG SUPPORT
$1,171,716
LTV
$3,310,000 $92,300,000
67%
Monthly Payment
($6,801)
Debt Constant
$92,300,000
LEVERED IRR
3.50%
$3,140,000 $90,500,000 NEW MORTGAGE
STRONG SUPPORT
$90,500,000
LTV Amount
S T R OEXIT N G CAP SUPPORT SENSITIVITY ANALYSIS
Year 11 NOI $276,984
CAP RATE
PRICE
$90,500,000 PRICE/UNIT
10-YR CASH IRR
10-YR LEVERAGED IRR
67% $2,331,600
Interest Rate
3.50%
Amortization
Interest Only
4.95%
$5,590,000
$232,917
9.72%
15.49%
Payment
5.05%
$5,480,000
$228,333
9.56%
15.21%
Fees
5.15%
$5,380,000
$224,167
9.40%
14.93%
Years IO
5.25%
$5,280,000
$220,000
9.25%
14.67%
5.35%
$5,180,000
$215,833
9.09%
14.40%
5.45%
$5,080,000
$211,667
8.95%
14.14%
5.55%
$4,990,000
$207,917
8.80%
13.88%
5.65%
$4,900,000
$204,167
8.66%
13.63%
5.75%
$4,820,000
$200,833
8.52%
13.38%
($6,801) 1.00% -
© 2021 Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. #00843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www. berkadia.com/legal/licensing. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.
BERK ADIA
MAGNOLIA
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.
9
10-YEAR CASH FLOW Income
Acquisition
Scheduled Market Rent
EOY 1 $309,600
% Growth Vacancy Net Rental Income
($15,480) $294,120
% NRI Growth
EOY 2
EOY 3
EOY 4
EOY 5
EOY 6
EOY 7
EOY 8
EOY 9
EOY 10
EOY 11
$318,888
$328,455
$338,308
$348,458
$358,911
$369,679
$380,769
$392,192
$403,958
$416,077
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
($15,944) $302,944
($16,423) $312,032
($16,915) $321,393
($17,423) $331,035
($17,946) $340,966
($18,484) $351,195
($19,038) $361,731
($19,610) $372,582
($20,198) $383,760
($20,804) $395,273
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
Other Income RUBS Income Other Income Total Other Income
$24,480 $6,000 $30,480
$25,092 $6,180 $31,272
$25,719 $6,365 $32,085
$26,362 $6,556 $32,919
$27,021 $6,753 $33,774
$27,697 $6,956 $34,653
$28,389 $7,164 $35,554
$29,099 $7,379 $36,478
$29,827 $7,601 $37,427
$30,572 $7,829 $38,401
$31,336 $8,063 $39,400
Total Operating Income (EGI)
$324,600
$334,216
$344,117
$354,312
$364,809
$375,618
$386,748
$398,209
$410,010
$422,161
$434,673
($4,200) ($1,200) ($9,600) ($13,200) ($19,476) ($28,800) ($7,200) ($27,925) ($6,000)
($4,305) ($1,230) ($9,840) ($13,530) ($20,053) ($29,520) ($7,380) ($28,623) ($6,150)
($4,413) ($1,261) ($10,086) ($13,868) ($20,647) ($30,258) ($7,565) ($29,339) ($6,304)
($4,523) ($1,292) ($10,338) ($14,215) ($21,259) ($31,014) ($7,754) ($30,072) ($6,461)
($4,636) ($1,325) ($10,597) ($14,570) ($21,889) ($31,790) ($7,947) ($30,824) ($6,623)
($4,752) ($1,358) ($10,862) ($14,935) ($22,537) ($32,585) ($8,146) ($31,595) ($6,788)
($4,871) ($1,392) ($11,133) ($15,308) ($23,205) ($33,399) ($8,350) ($32,385) ($6,958)
($4,992) ($1,426) ($11,411) ($15,691) ($23,893) ($34,234) ($8,559) ($33,194) ($7,132)
($5,117) ($1,462) ($11,697) ($16,083) ($24,601) ($35,090) ($8,773) ($34,024) ($7,310)
($5,245) ($1,499) ($11,989) ($16,485) ($25,330) ($35,967) ($8,992) ($34,875) ($7,493)
($5,376) ($1,536) ($12,289) ($16,897) ($26,080) ($36,866) ($9,217) ($35,747) ($7,681)
Operating Expenses Administrative Advertising Payroll Repairs & Maintenance/Turnover Management Fee Utilities Contract Services Real Estate Taxes Insurance
($6,000)
($6,000)
($6,000)
($6,000)
($6,000)
($6,000)
($6,000)
($6,000)
($6,000)
($6,000)
($6,000)
Total Expenses % Growth
Replacement Reserve
($123,601)
($126,631) 2.45%
($129,740) 2.45%
($132,929) 2.46%
($136,200) 2.46%
($139,557) 2.46%
($143,000) 2.47%
($146,532) 2.47%
($150,157) 2.47%
($153,875) 2.48%
($157,689) 2.48%
Net Operating Income (NOI)
$200,999
$207,584
$214,377
$221,383
$228,609
$236,062
$243,748
$251,676
$259,853
$268,286
$276,984
($78,000)
($78,000)
$122,999
$129,584
$214,377
$221,383
$228,609
$236,062
$243,748
$251,676
$259,853
$4,829,967 $5,098,253
Purchase Price CapEx Reversion Proceeds Cash Flow Before Debt
MAGNOLIA
Mortgages Mortgage Fees Principal Interest Cash Flow After Debt Service Capitalization Rate Leveraged Cash-on-Cash All-Cash IRR Leveraged IRR
($3,480,000)
($3,480,000) $2,331,600 ($23,316)
($1,171,716)
($1,805,285) ($44,746) ($80,893) ($2,640)
($46,338) ($79,301) $3,945
($47,986) ($77,653) $88,738
($49,693) ($75,946) $95,744
($51,460) ($74,179) $102,970
($53,290) ($72,349) $110,422
($55,186) ($70,453) $118,109
($57,149) ($68,491) $126,037
($59,181) ($66,458) $134,214
($61,286) ($64,353) $3,167,329
5.78% (0.23%) 0.51% (14.03%)
5.97% 0.34% 4.86% (0.13%)
6.16% 7.57% 6.66% 7.50%
6.36% 8.17% 7.56% 10.84%
6.57% 8.79% 8.10% 12.53%
6.78% 9.42% 8.44% 13.44%
7.00% 10.08% 8.69% 13.95%
7.23% 10.76% 8.86% 14.22%
7.47% 11.45% 8.99% 14.35%
7.71% 12.17% 9.09% 14.40%
10 BERK ADIA
YIELD SCHEDULE Residual Calculations
EOY 1
EOY 2
EOY 3
EOY 4
EOY 5
EOY 6
EOY 7
EOY 8
EOY 9
EOY 10
EOY 11 $276,984
Net Operating Income
$200,999
$207,584
$214,377
$221,383
$228,609
$236,062
$243,748
$251,676
$259,853
$268,286
Cap Rate
5.88%
5.87%
5.81%
5.74%
5.68%
5.61%
5.55%
5.48%
5.42%
5.35%
Residual Value
$3,533,000
$3,652,000
$3,813,000
$3,982,000
$4,159,000
$4,344,000
$4,538,000
$4,741,000
$4,954,000
$5,176,000
(Selling Expense)
($236,193)
($244,149)
($254,912)
($266,210)
($278,043)
($290,411)
($303,381)
($316,952)
($331,192)
($346,033)
Net Residual
$3,296,807
$3,407,851
$3,558,088
$3,715,790
$3,880,957
$4,053,589
$4,234,619
$4,424,048
$4,622,808
$4,829,967
(Outstanding Debt)
($2,286,854)
($2,240,516)
($2,192,530)
($2,142,837)
($2,091,377)
($2,038,087)
($1,982,901)
($1,925,752)
($1,866,571)
($1,805,285)
Net Capital Proceeds
$1,009,953
$1,167,335
$1,365,558
$1,572,953
$1,789,580
$2,015,502
$2,251,718
$2,498,296
$2,756,237
$3,024,682
Gross Residual Price/Unit
$141,994
$148,254
$154,825
$161,707
$168,900
$176,442
$184,335
$192,617
$201,249
Annual Residual Appreciation
3.37%
4.41%
4.43%
4.45%
4.45%
4.47%
4.47%
4.49%
4.48%
EOY 2
EOY 3
EOY 4
EOY 5
EOY 6
EOY 7
EOY 8
EOY 9
EOY 10
Cash Yields
EOY 1
Holding Period Year 1
Initial ($3,480,000)
IRR $3,497,806
0.51%
Year 2
($3,480,000)
$200,999
$3,615,436
Year 3
($3,480,000)
$200,999
$207,584
$3,772,465
4.86%
Year 4
($3,480,000)
$200,999
$207,584
$214,377
$3,937,172
Year 5
($3,480,000)
$200,999
$207,584
$214,377
$221,383
$4,109,565
Year 6
($3,480,000)
$200,999
$207,584
$214,377
$221,383
$228,609
6.66% 7.56% 8.10% $4,289,650
8.44%
Year 7
($3,480,000)
$200,999
$207,584
$214,377
$221,383
$228,609
$236,062
$4,478,367
Year 8
($3,480,000)
$200,999
$207,584
$214,377
$221,383
$228,609
$236,062
$243,748
$4,675,724
8.69%
Year 9
($3,480,000)
$200,999
$207,584
$214,377
$221,383
$228,609
$236,062
$243,748
$251,676
$4,882,661
Year 10
($3,480,000)
$200,999
$207,584
$214,377
$221,383
$228,609
$236,062
$243,748
$251,676
$259,853
$5,098,253
9.09%
10 Years
$200,999
$207,584
$214,377
$221,383
$228,609
$236,062
$243,748
$251,676
$259,853
$5,098,253
9.09%
Leveraged Yields
EOY 1
EOY 2
EOY 3
EOY 4
EOY 5
EOY 6
EOY 7
EOY 8
EOY 9
EOY 10
8.86% 8.99%
Peak Return Period and Cash Flows:
Holding Period Year 1
Initial ($1,171,716)
IRR $1,007,313
(14.03%)
Year 2
($1,171,716)
($2,640)
$1,171,281
Year 3
($1,171,716)
($2,640)
$3,945
$1,454,296
(0.13%)
Year 4
($1,171,716)
($2,640)
$3,945
$88,738
$1,668,696
Year 5
($1,171,716)
($2,640)
$3,945
$88,738
$95,744
$1,892,549
Year 6
($1,171,716)
($2,640)
$3,945
$88,738
$95,744
$102,970
$2,125,924
Year 7
($1,171,716)
($2,640)
$3,945
$88,738
$95,744
$102,970
$110,422
$2,369,827
Year 8
($1,171,716)
($2,640)
$3,945
$88,738
$95,744
$102,970
$110,422
$118,109
$2,624,333
Year 9
($1,171,716)
($2,640)
$3,945
$88,738
$95,744
$102,970
$110,422
$118,109
$126,037
$2,890,451
Year 10
($1,171,716)
($2,640)
$3,945
$88,738
$95,744
$102,970
$110,422
$118,109
$126,037
$134,214
$3,167,329
14.40%
($2,640)
$3,945
$88,738
$95,744
$102,970
$110,422
$118,109
$126,037
$134,214
$3,167,329
14.40%
7.50% 10.84% 12.53% 13.44% 13.95% 14.22%
Peak Return Period and Cash Flows: 10 Years
MAGNOLIA
14.35%
11 BERK ADIA
AMORTIZATION SCHEDULE Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
EOY
Month 1 $2,331,600
$2,327,931
$2,324,250
$2,320,560
$2,316,858
$2,313,146
$2,309,422
$2,305,688
$2,301,943
$2,298,187
$2,294,420
$2,290,642
Interest:
($80,893)
($6,801)
($6,790)
($6,779)
($6,768)
($6,758)
($6,747)
($6,736)
($6,725)
($6,714)
($6,703)
($6,692)
($6,681)
Principal:
($44,746)
($3,669)
($3,680)
($3,691)
($3,702)
($3,712)
($3,723)
($3,734)
($3,745)
($3,756)
($3,767)
($3,778)
($3,789)
$2,286,854
$2,283,054
$2,279,243
$2,275,421
$2,271,587
$2,267,743
$2,263,887
$2,260,020
$2,256,142
$2,252,252
$2,248,352
$2,244,439
Interest:
($79,301)
($6,670)
($6,659)
($6,648)
($6,637)
($6,625)
($6,614)
($6,603)
($6,592)
($6,580)
($6,569)
($6,558)
($6,546)
Principal:
($46,338)
($3,800)
($3,811)
($3,822)
($3,833)
($3,844)
($3,856)
($3,867)
($3,878)
($3,890)
($3,901)
($3,912)
($3,924)
$2,240,516
$2,236,581
$2,232,634
$2,228,676
$2,224,706
$2,220,725
$2,216,732
$2,212,728
$2,208,712
$2,204,684
$2,200,644
$2,196,593
Interest:
($77,653)
($6,535)
($6,523)
($6,512)
($6,500)
($6,489)
($6,477)
($6,465)
($6,454)
($6,442)
($6,430)
($6,419)
($6,407)
Principal:
($47,986)
($3,935)
($3,947)
($3,958)
($3,970)
($3,981)
($3,993)
($4,004)
($4,016)
($4,028)
($4,040)
($4,051)
($4,063)
$2,192,530
$2,188,455
$2,184,368
$2,180,269
$2,176,158
$2,172,035
$2,167,900
$2,163,754
$2,159,595
$2,155,424
$2,151,240
$2,147,045
Interest:
($75,946)
($6,395)
($6,383)
($6,371)
($6,359)
($6,347)
($6,335)
($6,323)
($6,311)
($6,299)
($6,287)
($6,274)
($6,262)
Principal:
($49,693)
($4,075)
($4,087)
($4,099)
($4,111)
($4,123)
($4,135)
($4,147)
($4,159)
($4,171)
($4,183)
($4,195)
($4,208)
$2,142,837
$2,138,617
$2,134,385
$2,130,140
$2,125,883
$2,121,614
$2,117,332
$2,113,037
$2,108,731
$2,104,411
$2,100,079
$2,095,734
Interest:
($74,179)
($6,250)
($6,238)
($6,225)
($6,213)
($6,200)
($6,188)
($6,176)
($6,163)
($6,150)
($6,138)
($6,125)
($6,113)
Principal:
($51,460)
($4,220)
($4,232)
($4,245)
($4,257)
($4,269)
($4,282)
($4,294)
($4,307)
($4,319)
($4,332)
($4,345)
($4,357)
$2,091,377
$2,087,007
$2,082,624
$2,078,228
$2,073,820
$2,069,399
$2,064,965
$2,060,517
$2,056,057
$2,051,584
$2,047,098
$2,042,599
Interest:
($72,349)
($6,100)
($6,087)
($6,074)
($6,061)
($6,049)
($6,036)
($6,023)
($6,010)
($5,997)
($5,984)
($5,971)
($5,958)
Principal:
($53,290)
($4,370)
($4,383)
($4,396)
($4,408)
($4,421)
($4,434)
($4,447)
($4,460)
($4,473)
($4,486)
($4,499)
($4,512)
$2,038,087
$2,033,561
$2,029,022
$2,024,470
$2,019,905
$2,015,327
$2,010,735
$2,006,129
$2,001,511
$1,996,879
$1,992,233
$1,987,574
Interest:
($70,453)
($5,944)
($5,931)
($5,918)
($5,905)
($5,891)
($5,878)
($5,865)
($5,851)
($5,838)
($5,824)
($5,811)
($5,797)
Principal:
($55,186)
($4,526)
($4,539)
($4,552)
($4,565)
($4,579)
($4,592)
($4,605)
($4,619)
($4,632)
($4,646)
($4,659)
($4,673)
$1,982,901
$1,978,214
$1,973,514
$1,968,800
$1,964,073
$1,959,331
$1,954,576
$1,949,807
$1,945,024
$1,940,227
$1,935,416
$1,930,591
Interest:
($68,491)
($5,783)
($5,770)
($5,756)
($5,742)
($5,729)
($5,715)
($5,701)
($5,687)
($5,673)
($5,659)
($5,645)
($5,631)
Principal:
($57,149)
($4,686)
($4,700)
($4,714)
($4,728)
($4,741)
($4,755)
($4,769)
($4,783)
($4,797)
($4,811)
($4,825)
($4,839)
$1,925,752
$1,920,899
$1,916,032
$1,911,150
$1,906,255
$1,901,345
$1,896,420
$1,891,481
$1,886,528
$1,881,561
$1,876,579
$1,871,582
($66,458)
($5,617)
($5,603)
($5,588)
($5,574)
($5,560)
($5,546)
($5,531)
($5,517)
($5,502)
($5,488)
($5,473)
($5,459)
($59,181)
($4,853)
($4,867)
($4,881)
($4,896)
($4,910)
($4,924)
($4,939)
($4,953)
($4,968)
($4,982)
($4,997)
($5,011)
Balance:
Balance:
Balance:
Balance:
Balance:
Balance:
Balance:
Balance:
Balance: Interest: Principal:
MAGNOLIA
Year 10
12
Balance:
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$1,866,571
$1,861,545
$1,856,505
$1,851,450
$1,846,380
$1,841,295
$1,836,196
$1,831,081
$1,825,952
$1,820,808
$1,815,649
$1,810,474
Interest:
($64,353)
($5,444)
($5,430)
($5,415)
($5,400)
($5,385)
($5,370)
($5,356)
($5,341)
($5,326)
($5,311)
($5,296)
($5,281)
Principal:
($61,286)
($5,026)
($5,040)
($5,055)
($5,070)
($5,085)
($5,099)
($5,114)
($5,129)
($5,144)
($5,159)
($5,174)
($5,189)
Total Interest:
($730,076)
Total Principal:
($526,315)
Loan Balance:
$1,805,285
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. © 2021 Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. #00843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.
BERK ADIA
PRO FORMA NOTES VACANCY
MANAGEMENT FEE
5%
6% of gross income
RUBS INCOME
UTILITIES
85% of utility expenses
Based on industry average and comparable properties
OTHER INCOME
CONTRACT SERVICES
Based on industry average and comparable properties
Based on industry average and comparable properties
ADMINISTRATIVE
REAL ESTATE TAXES
Based on industry average and comparable properties
Based on assessor's 2021 tax bill
ADVERTISING
INSURANCE
Based on industry average and comparable properties
Based on industry average and comparable properties
PAYROLL
REPLACEMENT RESERVES
Based on industry average and comparable properties
Based on industry average and comparable properties
REPAIRS & MAITENANCE/TURNOVER Based on industry average and comparable properties
MAGNOLIA
13 BERK ADIA
BERK ADIA
BERK ADIA
MAGNOLIA
II
RENTAL COMPS
15
RENTAL COMPS SUMMARY CITY
DISTANCE
UNITS
BUILT
OCCUPANCY
AVG. SF
AVG. MARKET RENT
AVG. RENT/SF
UPDATED
S Greenwood
Lakewood
0.00
24
1979
100%
762
$950
$1.25
03/05/2021
1
Clover Creek Manor
Lakewood
1.12
13
1959
92%
1,091
$1,539
$1.41
03/08/2021
2
Pineridge
Lakewood
0.26
26
1977
96%
675
$1,075
$1.59
03/05/2021
3
Belle Gardens Apartments
Lakewood
2.48
24
1975
100%
558
$994
$1.78
12/03/2020
4 American Lake Village
Lakewood
2.81
45
1972
923
$1,442
$1.56
03/05/2021
5
Lakewood
0.28
8
1968
750
$1,355
$1.81
03/05/2021
799
$1,272
$1.61
PROPERTY
Truaire Apartments Totals/Averages*
116
97%
*Totals/Averages do not include subject property
1
2
3
4
5
MAGNOLIA
S
16 BERK ADIA
3
1
4
S 5
MAGNOLIA
2
17 BERK ADIA
MAGNOLIA
18 BERK ADIA
III
SALES COMPS
SALE COMPS SUMMARY PROPERTY
UNITS
BUILT
RENOVATED
RSF
SALE DATE
SALE PRICE
PRICE / UNIT
PRICE / SF
CAP RATE
24
1979
-
-
-
-
-
-
-
S Greenwood 1
8914 Veterans Drive SW
5
1971
-
3,072
02/11/2021
$725,000
$145,000
$236.00
5.00%
2
11212 Kline St SW
8
1976
-
7,125
10/02/2020
$1,450,000
$181,250
$203.51
6.70%
3
Sherwood Forest
16
1963
-
11,975
08/28/2020
$2,348,400
$146,775
$196.11
0.00%
4 John Dower Estates
10
1965
1978
13,372
02/26/2021
$1,760,000
$176,000
$131.62
0.00%
5
8
1985
1992
6,790
05/29/2020
$1,300,000
$162,500
$191.46
5.73%
29
1969
-
22,156
03/20/2020
$4,490,200
$154,834
$202.66
4.25%
$2,776,516
$158,863
$187.22
5810-5816 77th St W
6 Grand Cedars Totals/Averages*
76
64,490
*Totals/Averages do not include subject property
2
6
S
3
4
5
MAGNOLIA
1
20 BERK ADIA
5 4
2
S
MAGNOLIA
1
3
21 BERK ADIA
6
IV
BERKADIA TEAM
300+ TRANSACTIONS CLOSED, OVER $1.2 BILLION IN VOLUME Since 2000, thanks to
With extensive proprietary lending programs,
our extensive market
strong third-party lender relationships,
knowledge, The
BERK ADIA
Northwest team
24
and dynamic client relationships, Berkadia Seattle provides debt, equity, and investment sales solutions for commercial real estate
closed over 300
encompassing all sizes across the Pacific
Investment Sales
Northwest. Our capital sources enable short,
transactions in markets nationwide.
intermediate, and long-term solutions to meet your needs in the acquisition, refinance, rehabilitation, and repositioning of your asset(s).
Berkadia provides top notch client service as I’ve experienced through several, well executed, transactions. I always look forward to working with their team – thank you!” CAMERON JONES Head of Real Estate Acquisitions, Aegon Asset Management
The Seattle Team had an unrivaled attention to detail throughout the transaction. They did their homework on the property, comps, and submarket. They stay involved after the PSA is signed, and go the extra mile to help ensure a seamless transaction from start to finish.” COLIN CURTIS Curtis Capital Group
BERK ADIA
25
BERKADIA NORTHWEST
Investment Sales Team
Managing Director
Managing Director
206.801.3072
206.521.7224
mitchell.belcher@berkadia.com
steven.chattin@berkadia.com
601 Union Street Suite 3909
601 Union Street Suite 3909
Seattle, WA 98101
Seattle, WA 98101
Steven Chattin has been in the commercial real estate industry specializing
in the sale of multifamily properties in metro Seattle since 2006. Mitchell
in the sale of multifamily properties in metro Seattle since 2006. Steven
joined Berkadia in 2020, and currently serves as Managing Director.
joined Berkadia in 2020, and currently serves as Managing Director. With
With extensive experience selling apartments in the Pacific Northwest,
extensive experience selling apartments in the Pacific Northwest, he
he is considered an expert in the operation, disposition and acquisition
is considered an expert in the operation, disposition and acquisition of
of multifamily properties. Mitchell’s comprehensive market knowledge
multifamily properties. Steven’s comprehensive market knowledge and
and established track record have resulted in the completion of over 250
established track record have resulted in the completion of over 250
transactions totaling in excess of $1.2 billion dollars in investment sales
transactions totaling in excess of $1.2 billion dollars in investment sales
during his career.
during his career.
Total Investment Sales
250+ Closed Transactions
BERK ADIA
Steven Chattin
Mitchell Belcher has been in the commercial real estate industry specializing
$1.2B+
26
Mitchell Belcher
Education Bachelor of Arts Western Washington University
$1.2B+ Total Investment Sales
250+ Closed Transactions
Education Bachelor of Arts Gonzaga University
BERKADIA NORTHWEST
Investment Sales Team
Jay Timpani
Chad Blenz
Managing Director
Associate Director
206.801.3067
206.801.3075
jay.timpani@berkadia.com
chad.blenz@berkadia.com
601 Union Street Suite 3909
601 Union Street Suite 3909
Seattle, WA 98101
Seattle, WA 98101
Jay Timpani has been in the commercial real estate industry specializing
Chad Blenz specializes in the disposition and acquisition of multifamily assets
in the sale of multifamily properties in metro Seattle since 2009. Jay joined
and development sites throughout the region where he has been involved in
Berkadia in 2020, and currently serves as Managing Director. With extensive
the transaction of over $400 million in sales. Chad started his real estate career
experience selling apartments in the Pacific Northwest, he is considered an
advising local tenants with their office space requirements including space
expert in the operation, disposition and acquisition of multifamily properties.
acquisition and lease renewals. His experience in the office sector provides him
Jay’s comprehensive market knowledge and established track record have
with a unique perspective on the continued demand for office space in the
resulted in the completion of over 200 transactions totaling in excess of $1
region and the subsequent proliferation of multifamily investment.
billion dollars in investment sales during his career.
$1.0B+ Total Investment Sales
200+
Education
$400M+ Total Investment Sales
Education
Bachelor of Arts
Bachelor of Business Administration
University of Washington
University of San Diego
Closed Transactions
BERK ADIA
27
TRANSACTION HISTORY Closings Since 2017
PROPERT Y NAME Capitol Crossing Columbia City Studios Fairground Apartments Portage Bay Plaza Redmond View The Belvedere
PRICE
S A L E D AT E
Tacoma
-
Marketing
Seattle
-
Marketing
Deer Park
-
Marketing
Seattle
-
Marketing
Redmond
-
Marketing
WA
-
Marketing
The Pratt
Seattle
WA
-
Marketing
University 5039
Seattle
WA
-
Marketing
University Flats
Seattle
WA
-
Marketing
Wedgwood & Veraci Pizza
Seattle
WA
-
Marketing
Lacey
WA
-
Marketing
Federal Way
WA
-
Marketing
Lynnwood
WA
-
Marketing
Rise on 67th
Seattle
WA
-
Marketing
Wedgwood & Veraci Pizza
Seattle
WA
-
Marketing
Ballard Court
Seattle
WA
-
Pending
Friday Harbor
WA
-
Pending
Shoreline
WA
-
Pending
Camano
WA
-
Pending
30819 Fourteenth Seattle-Corridor City Site
Hamilton Ranch BERK ADIA
S TAT E
Camano
9106 Martin Way
28
CIT Y
Crux Development Site Driftwood Camano
TRANSACTION HISTORY
Closings Since 2017
PROPERT Y NAME
CIT Y
S TAT E
PRICE
S A L E D AT E
Olympia
WA
-
Pending
Firestone Poulsbo
Poulsbo
WA
-
Pending
Footprint Hollywood
Portland
WA
-
Pending
Footprint NW
Portland
OR
-
Pending
Franklin Lofts & Flats
Seattle
WA
-
Pending
Inneswood Issaquah
Issaquah
WA
-
Pending
University Place
WA
-
Pending
Seattle
WA
-
Pending
Bremerton
WA
$860,000
February 2021
Bellevue
WA
$6,100,000
January 2021
Ballard Development Site
Seattle
WA
$1,065,000
December 2020
Beachrock Marion
Seattle
WA
$1,925,000
December 2020
Ori on the Ave
Seattle
WA
$19,750,000
December 2020
Kirkland
WA
$3,000,000
December 2020
Terra Tukwila
Tukwila
WA
$13,150,000
December 2020
Brentwood
Tacoma
WA
$7,000,000
November 2020
Esquire
Puyallup
WA
$3,700,000
November 2020
Juanita Ridge
Kirkland
WA
$2,900,000
November 2020
Seattle
WA
$7,600,000
November 2020
Meadows and Greens Llandover Flats Kitsap Inn Bellevue Development Site
Scout
South Seattle Portfolio
BERK ADIA
Evergreen Park
29
TRANSACTION HISTORY Closings Since 2017
PROPERT Y NAME Denny at the Park
PRICE
S A L E D AT E
WA
$1,150,000
October 2020
Tacoma
WA
$3,500,000
October 2020
Bellingham
WA
$975,000
October 2020
Burien
WA
$3,000,000
September 2020
Tacoma
WA
$2,050,000
September 2020
Everett
WA
$950,000
August 2020
Federal Way
WA
$10,975,000
August 2020
Aerie
Tacoma
WA
$2,470,000
July 2020
Belle Garden
Tacoma
WA
$2,650,000
July 2020
Briggs Village
Olympia
WA
$18,300,000
July 2020
Ellensburg
WA
$1,800,000
June 2020
Kent
WA
$3,300,000
June 2020
Borgata
Bellevue
WA
$51,000,000
May 2020
Waterscape
Kirkland
WA
$93,000,000
May 2020
Burien
WA
$2,350,000
March 2020
Westview Village
Renton
WA
$34,350,000
March 2020
Winslow Court
Seattle
WA
$7,550,000
March 2020
Bellevue
WA
$28,866,000
February 2020
Port Orchard
WA
$1,276,000
February 2020
Sehome Hill Ambaum Mecca Everett 5 Providence Landing
Brook Court Kent Site
Eastview Apartments
BERK ADIA
S TAT E
Seattle
Flats at Wright Park
30
CIT Y
Aventine Apartment Homes Colonial Lane Apartments
TRANSACTION HISTORY
Closings Since 2017
PROPERT Y NAME Mt. Baker Site
CIT Y
S TAT E
PRICE
S A L E D AT E
WA
$985,000
January 2020
Mukilteo
WA
$950,000
January 2020
Seattle
WA
$3,900,000
January 2020
Portland
OR
$20,200,000
December 2019
Elikai
Seattle
WA
$6,900,000
December 2019
Innsbruck
Seatac
WA
$5,975,000
December 2019
North Admiral Apartments
Seattle
WA
$3,700,000
December 2019
Lakewood
WA
$20,209,800
December 2019
Everett
WA
$21,105,000
December 2019
The Encore
Lynnwood
WA
$13,400,000
December 2019
Timbre Apartments
Lakewood
WA
$25,202,000
December 2019
Seattle
WA
$16,900,000
October 2019
Lake Forest Park
WA
$15,400,000
October 2019
Seattle
WA
$1,213,000
October 2019
Kennewick
WA
$2,850,000
October 2019
Westline
Beaverton
OR
$23,230,000
October 2019
Villas at Kennedy Creek
Tumwater
WA
$28,150,000
September 2019
Tacoma
WA
$25,700,000
September 2019
Seattle
WA
$9,215,000
August 2019
Mukilteo Land Parcel 1 Stone & Allen ArtHouse
Oakridge Sutter's Square
Aloha House Ballinger Estates Cascade Mountain View Dolphin Apartments
Vista Del Rey Colony Surf
BERK ADIA
Seattle
31
TRANSACTION HISTORY Closings Since 2017
PROPERT Y NAME Interbay Land
PRICE
S A L E D AT E
WA
$4,150,000
August 2019
Federal Way
WA
$8,900,000
August 2019
Silverdale
WA
$31,550,000
July 2019
Burien
WA
$5,600,000
July 2019
Marysville
WA
$1,730,000
June 2019
Mountlake Terrace
WA
$18,850,000
June 2019
Vancouver
WA
$29,000,000
May 2019
Seattle
WA
$15,900,000
May 2019
Gresham
OR
$14,500,000
May 2019
Seattle
WA
$18,700,000
May 2019
Village East
Salem
OR
$10,000,000
May 2019
303 Houser
Renton
WA
$995,000
April 2019
Buena Vista
Auburn
WA
$1,650,000
April 2019
Crosspointe
Kennewick
WA
$28,800,000
April 2019
Greenlake 4
Seattle
WA
$1,115,000
April 2019
Kirkland Industrial
Kirkland
WA
$3,300,000
April 2019
Riverpointe
Richland
WA
$33,200,000
April 2019
Alki 7
Seattle
WA
$2,600,000
March 2019
The Hanover
SeaTac
WA
$29,500,000
March 2019
Sante Fe Ridge Sunwood 1207 Beach Apartments Greenview Creekside Village REV Fremont Sienna Lofts Strata on California
BERK ADIA
S TAT E
Seattle
Rainier Continental
32
CIT Y
TRANSACTION HISTORY
Closings Since 2017
PROPERT Y NAME Mountain View Hall
CIT Y
S TAT E
PRICE
S A L E D AT E
WA
$17,518,250
February 2019
The Cleary
Portland
OR
$6,800,000
February 2019
WaterView
Bremerton
WA
$24,000,000
February 2019
113 W Casino
Everett
WA
$1,825,000
November 2019
Cali Apartments
Seattle
WA
$10,700,000
January 2019
Raleigh Manor
Seattle
WA
$12,600,000
January 2019
Nacelle
Renton
WA
$3,500,000
December 2018
Sofi Lakeside
Everett
WA
$6,400,000
December 2018
Vista View
Seattle
WA
$3,030,000
November 2018
Heritage Manor
Everett
WA
$3,200,000
November 2018
2745 60th Ave SW
Seattle
WA
$1,650,000
August 2018
Lynnwood
WA
$8,350,000
August 2018
International Apartments
Seattle
WA
$7,600,000
July 2018
Iliad
Seattle
WA
$9,100,000
June 2018
La Romarr
Seattle
WA
$7,200,000
July 2018
Kent
WA
$5,950,000
June 2018
View on California
Seattle
WA
$8,600,000
July 2018
Dorlynn Apartments
Seattle
WA
$1,600,000
May 2018
Glen Grove
Bothell
WA
$6,650,000
May 2018
Cedar Ridge
The Morgan
BERK ADIA
Everett
33
TRANSACTION HISTORY Closings Since 2017
PROPERT Y NAME
PRICE
S A L E D AT E
Seattle
WA
$10,044,000
May 2018
Vista Terrace
Tacoma
WA
$4,100,000
May 2018
Spanaway
WA
$7,300,000
December 2017
Seattle
WA
$7,600,000
November 2017
Lakewood
WA
$930,000
November 2017
Tacoma
WA
$3,750,000
November 2017
Beacon Hill Apartments
Seattle
WA
$3,750,000
October 2017
Cap Hill 6
Seattle
WA
$1,799,000
October 2017
2100 Madison
Seattle
WA
$4,600,000
September 2017
Jupiter
Seattle
WA
$3,850,000
September 2017
Stella
Seattle
WA
$6,844,000
September 2017
The Pines
Seattle
WA
$1,650,000
September 2017
Agena
Seattle
WA
$1,800,000
August 2017
Dexter 3
Seattle
WA
$990,000
August 2017
The Hawthorne
Seattle
WA
$2,850,000
July 2017
Victorian Manor
Tacoma
WA
$1,325,000
July 2017
Kirkland 5
Kirkland
WA
$1,818,500
June 2017
Seattle
WA
$3,625,000
July 2017
Bellevue
WA
$11,910,000
May 2017
Bravo Green wood II Vista Palms
BERK ADIA
S TAT E
The Stanton
The Pointe at Coffee Creek
34
CIT Y
Maison Royale Parc3
TRANSACTION HISTORY
Closings Since 2017
PROPERT Y NAME
CIT Y
S TAT E
PRICE
S A L E D AT E
Portage Bay Plaza
Seattle
WA
$2,950,000
May 2017
Standard Bellevue
Bellevue
WA
$8,400,000
May 2017
Tacoma
WA
$550,000
May 2017
Seattle
WA
$3,450,000
May 2017
Normandy Park
WA
$1,500,000
March 2017
Tacoma
WA
$1,500,000
February 2017
Burien
WA
$570,000
January 2017
Tacoma 6 The Boston Hotel Belleme at Normandy Park Prospect Apartments Rainier Court
BERK ADIA
35
NATIONAL EXPERIENCE, LOCAL EXPERTISE. While multifamily makes up a sizable portion of our business, our expertise extends to the student housing, hotels and hospitality, affordable housing, land services, and seniors housing and healthcare sectors. Our investment sales platform leverages proprietary data and research on buildings and markets across the country to deliver best-in-class actionable insights. With the leverage of over 2,200 active mortgage banking and
BERK ADIA
investment sales client relationships, plus the flexibility to respond to the market with solutions customized to
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your unique needs, we’ll find you the best buyer and help you meet your goals. From coast-to-coast, our national advisor network guarantees that you receive the personal attention, the most timely updates and wide-scale exposure across domestic markets. We cover 50 major U.S. markets and hundreds of submarkets. Advisors are alerted in real-time of every new listing across our network. Our culture of teamwork and constant interoffice communications provide maximum exposure across all markets. BERKADIA
Investment Sales When you equip the right professionals with industry-leading insights and tools, the result is better investment outcomes.
Your projects, of any size and location, benefit from best-in-class financing partners and unparalleled access to capital. BERKADIA
Get customized solutions and seamless service with our established resources and proven expertise.
Technology Charge your decision-making with actionable insights backed by our powerful data.
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Mortgage Banking
Servicing
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FOCUSING ON YOU
A long tradition of taking the long view. We’re not tied to quarterly earnings reports because we’re privately held. Our ownership structure is unique so we can think, solve, and react differently. We’re a joint venture of Berkshire Hathaway and Jefferies Financial Group - both of which are renowned for their capital strength and sophisticated investment strategies. We have Investment Sales, Mortgage Banking, and Servicing seamlessly integrated so we can
Timeline
adapt in real time - which means we’ll craft
to Success
custom, long-term solutions that deliver the best outcomes.
YOUR CLIENT
Best-in-class
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Support
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ADVISOR
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Industry Leading Technology and Research
I N DU S TRY- LE A D I N G R E S E A RCH A N D TECH N O LO GY
Smart investments pay off. With a significant investment in technology and proprietary data gleaned from properties and markets across the country, we have developed a unique and fully-integrated platform that marries local real estate expertise with capital markets knowledge. Armed with innovative technology and cutting-edge analytics, our team delivers actionable insights that will drive your business forward.
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TIMELINE TO SUCCESS
DELIVERING YOU THE VERY BEST RESULTS
WEEKS
WEEKS
WEEKS
WEEKS
WEEKS
WEEKS
1–3
3–5
5–6
7–8
9–12
13–16
National Marketing
Showcase Property
From exhaustive due diligence to innovative efficiencies, our marketing strategy takes no shortcuts. We’ll target the right buyers with the
Review of Offers
right techniques, at the right time, to maximize proceeds and help you achieve your goals.
Negotiate Contract
Escrow
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Closing
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Dedicated Property Website
BEST IN CLASS SUPPORT
Dynamic, user-friendly websites
MARKETING STRATEGY
Speed-to-market with round-the-clock support for immediate changes Online document center with integrated activity tracking
Online Lead Registration
Email Campaign Customized to reach every potential buyer, wherever they may be Mobile-friendly emails to reach buyers on the go Reach thousands of qualified buyers with targeted lists that drive traffic to the property website
Print Campaign
Instant access to secure documents
Visually compelling, data-driven marketing materials customized for your asset
Interested buyer tracker and reporting
Local, regional and national assignment coverage
Enables advisors to prioritize and follow up on inquiries immediately
Reach more potential buyers through re-engagement strategies
Seller Access View prospects, buyer feedback, offer activity and status updates
Peace of mind knowing your data is secure
Buyer and sale information Current historical market information Tracking of assets and loans
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Effective team communication and coordination during process
Real-Time Nationwide Database
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LEGAL DISCLAIMER The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential. This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership. All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional. The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale. For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. © 2021 Berkadia Proprietary Holding LLC
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Berkadia® is a trademark of Berkadia Proprietary Holding LLC
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Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada. For state licensing details, visit: http://www.berkadia.com/legal/licensing.aspx BERK ADIA
INVESTMENT ADVISORS MITCHELL BELCHER Managing Director T: +1 (206) 801-3072 mitchell.belcher@berkadia.com STEVEN CHATTIN Managing Director T: +1 (206) 521-7224 steven.chattin@berkadia.com JAY TIMPANI Managing Director T: +1 (206) 801-3067 jay.timpani@berkadia.com CHAD BLENZ Associate Director T: +1 (206) 801-3075 chad.blenz@berkadia.com
601 Union Street, Suite 3909 Seattle, WA 98101 206.521.7220 Berkadia.com | Northwest.berkadiarea.com BERK ADIA
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BERKADIA NORTHWEST
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NORTHWEST OFFICE 601 Union Street, Suite 3909 Seattle, WA 98101 206.521.7220 Berkadia.com