Multifamily - Debt

Northmarq provides financing for the 2nd Street Apartments in Bellevue, Washington

SEATTLE, WASHINGTON (May 26, 2022) – Jake Leibsohn, senior vice president of Northmarq’s Seattle office, arranged financing to support the acquisition and upgrading of the 2nd Street Apartments, an 80-unit multi-family property located in Bellevue’s CBD. Angelo Gordon and Timberlane Partners recently acquired the property through a joint venture. 

The 2nd Street Apartments complex benefits from its proximity to employers such as Amazon, Microsoft, Facebook, Expedia, and Snapchat, all of which have offices nearby. The property will be just one block away from the East Main light rail station and three blocks from the Bellevue Downtown light rail station, both of which are scheduled to open in 2023.

The 2nd Street Apartments were built in 1997 and modestly renovated in 2006. Angelo Gordon and Timberlane Partners plan to use part of the loan proceeds to fully renovate the unit interiors as well as update the building exteriors and common areas.

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.