Berkadia Completes Sale and Secures Financing for Multifamily Property in Everett, Washington
Everett, Washington – November 11, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale and financing of Canopy Apartments, a 336-unit, garden-style multifamily property in Everett, Washington.
Managing Directors Benjamin Johnson and David Sorensen, Senior Director George Pallis, and Associate Director Peter Dudunakis of Berkadia Seattle led the transaction on behalf of the seller.
Associate Director Connor Lemley, Managing Director Robert Doxsee, and Senior Director Michael Manolides of Berkadia’s Bellevue office secured the acquisition financing on behalf of the buyer. The deal closed on October 30.
“Canopy generated interest from investors seeking a scaled, institutional-quality value-add opportunity in the Seattle MSA,” said Johnson. “The seller’s proven renovation strategy positioned the property well for the buyer, who recognized the opportunity to pair near-term operational growth with durable Puget Sound fundamentals. Its location between Mukilteo and Mill Creek, combined with continued employment expansion across the aerospace, maritime, and technology sectors, reinforced the asset’s long-term appeal. We are pleased to have helped bring this transaction to a successful close and congratulate both the seller and buyer on a great outcome.”
“A strong asset performance history and a best-in-class sponsor make for an efficient, competitive debt process. Our marketing effort generated compelling financing options across the lending spectrum, from high-leverage bridge executions to stabilized permanent financing, each offering attractive terms,” said Lemley. “In today’s uneven capital markets environment, evaluating the full range of lending strategies is essential. This transaction demonstrates the depth of liquidity available for high-quality assets backed by strong sponsorship.”
Located at 923 112th St SW, Canopy was built in 1989 and 1991 and features 336 units.