Arranges $22.2 Million in financing for 735 St. Clair Apartments in Portland, Oregon
735 St. Clair Apts
SEATTLE (November 12, 2014) – Stuart Oswald, senior vice president/managing director of NorthMarq Capital’s Seattle based regional office arranged $22.2 million in financing for 735 St. Clair Apartments, a 212 unit apartment high rise located in Portland, Oregon. The development includes a 23-story, multi-family residential building with 212 apartment units and one commercial space with a net rentable area of 152,560 sq. ft. A three story parking garage is attached to the north side of the residential tower. The loan proceeds paid off an existing Freddie Mac loan one year prior to maturity and provided substantial cash out which will be used to renovate the property. The owner is spending over $20,000/unit on the renovation. Financing was structured with a 60% LTV, 30 year amortization and a 10 year term. Northmarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
