Koz Development, LLC has refinanced a newly-built mixed-use property in Tacoma for $15.75 million, Cushman & Wakefield announced this week.
Koz on MLK Way, located at 824 Martin Luther King Junior Way, consists of a six-story building featuring 161 apartments above 6,370 square feet of ground-floor commercial space. The rental building offers a mix of studio, one-, two-, and three-bedroom units, averaging 395 square feet in size.
Other components of the complex included a courtyard space, on-site and in-unit laundry facilities, and private balconies on select apartments.
A Cushman & Wakefield Equity, Debt & Structured Finance team represented Koz Development in the transaction. Greystone originated the 10-year, fixed-rate Fannie Mae loan.
“Koz on MLK Way opened in May of 2022 and through robust leasing activity was nearly fully occupied at the time of refinancing," said Cushman & Wakefield executive managing director Chris Moyer in a news release. "The property represents a high-quality, highly-amenitized, affordable housing community with an urban Tacoma location offering residents a premier live-work-play residential experience with immediate access to major employment centers in downtown Tacoma as well as commuting routes to Seattle in under an hour.”
Koz Development, which is based on Washington, buildings multifamily residential properties targeting renters earning between 60 and 80 percent of area median income.