CWCapital LLC, a subsidiary of CW Financial Services, has provided $71.5 million for the acquisition of Shorewood Heights, a 645-unit multifamily property located on Mercer Island, Wash.
The 10-year loan was financed through CWCapital's agency lending group and originated by Allan Edelson, senior vice president in CW's Chicago office.
Executed through Fannie Maes Delegated Underwriting and Servicing (DUS) program, the loan represents the first transaction CW has completed with Seattle-based multifamily management company Pinnacle.
Shorewood Heights is a Class A apartment community situated on 45 forested acres. The community was originally constructed in 1949, with a second phase adding 78 units completed in 2002. Property amenities include garage parking, business and fitness centers, a playground, and tennis courts.