NorthMarq Capital’s Seattle office arranges $9.68 million refinance for multifamily property in Seattle, Washington
SEATTLE (July 19, 2016) – Scott Gilson, vice president of NorthMarq Capital’s Seattle-based regional office, arranged a $9.685 refinance for Minor Tower Apartments, a 34-unit multifamily property located in 2525 Minor Ave East in Seattle, Washington. The transaction was structured with a 7-year term with 2-years interest only and 30-year amortization. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “Minor Tower Apartments was a refinance of a bridge loan I had originated 2 years prior. The client’s main objective was to get a cash-out nonrecourse loan in the mid-three percent range with a few years of interest only. The debt we placed on the asset achieved all of those goals and gives the client the capability to get supplemental financing down the road,” said Gilson.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
