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.