JLL Capital Markets announced that it has arranged a $77 million refinancing of The Schoolhouse District, a 264-unit mid-rise multifamily community with approximately 44,800 square feet of retail in downtown Woodinville, Washington.
JLL represented the borrowers, MainStreet Property Group and HAL Real Estate in securing the fixed-rate loan through AXA IM Alts., acting on behalf of its client.
Located at 17409 133rd Avenue NE, The Schoolhouse District offers convenient access to I-405, SR-522 and the future SR-522/I-405 transit hub for easy commuting. Located in downtown Woodinville, the complex is within a 20-minute drive from major tech companies in Kirkland, Redmond and downtown Bellevue. Additionally, residents can delight in the walkable proximity of nearby boutique retailers, restaurants and entertainment venues, including a curated collection of wineries on site as well as Woodinville Wine County’s 130+ wineries.
Woodinville, located in Seattle MSA’s eastside, is the #1 most popular housing market in the U.S, with a steady population growth of 28.1% since 2010. The city is known for its wineries, breweries and ample retail options. Residents can also enjoy excellent schools, diverse recreational opportunities and high-paying jobs within a short commute. With an average household income of $172,000 and a projected household income growth of 15.1% by 2027, Woodinville was voted as the #9 best suburb for young professionals in Washington.
Apartment amenities of The Schoolhouse District encompass keyless entry, balcony/patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. District Flats offers an array of community and apartment amenities, including a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, a cafeteria lounge, an enclosed dog park, controlled-access garage and EV charging stations. The retail section of the community offers a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms.
JLL Capital Market’s Debt Advisory team representing the borrower was spearheaded by Senior Director Seth Heikkila and Director Steve Petrie.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
MainStreet Property Group is committed to developing exceptional places that delight customers and enhance communities, driven by innovation, sustainability, and a unique perspective. Recognized as NAIOP Washington State’s Developer of the Year in 2019, the company’s impact on the Eastside includes revitalizing areas like Bothell, Kenmore, Redmond, Sammamish, and Woodinville.
HAL Real Estate Inc. is a Seattle-based real estate investor focused on direct and joint-venture investment opportunities across the Greater Puget Sound Area. The company has particular experience in the acquisition, development and recapitalization of apartment, condominium, office, and mixed-use properties and also invests in raw land, industrial and retail properties. HAL has the financial resources of a large institutional investor but operates with the speed and flexibility of a local private investor using its own capital.
