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First Hill Mortgage

First Hill exterior

This deal will provide first mortgage financing in the amount of $88.65MM for acquisition and renovation. The property is a 179-unit, 18-story high rise apartment building that was built in 1962, located in Seattle, WA. Located at the intersection of Seattle's Downtown, First Hill, and Capitol Hill neighborhoods, the Property is located within walking distance of significant employment in Seattle's CBD (~350K jobs) as well as thousands of medical jobs in the three-hospital, regional medical hub on First Hill. The property's location is also located walking distance from the retail and dining amenities of Capitol Hill. The property is truly unique in that it offers a rare rooftop deck, large unit sizes, and expansive window lines providing abundant natural light and unmatched views.

We expect the apartment sector to perform in line with core sector averages post-COVID. Sun Belt and Mountain West markets should outperform Midwest and Northeast markets due to demographic tailwinds, despite various risks in the short-term for all markets, such as higher credit loss, higher supply growth, and a decline in the population of prime-age renters.
Richard Kimble, Portfolio Manager

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