Northmarq arranges $23.25 million refinance of Align Apartments in Federal Way, WA
Photo credit: Align Apartments
FEDERAL WAY, Wash. — Andy Slaton, senior vice president, and John Holt, senior investment analyst, of Northmarq's San Francisco Debt + Equity team arranged the $23.25 million refinance of Align Apartments, a 105-unit multifamily property located at 35434 25th Ave SW in Federal Way, Washington.
Northmarq canvassed the market on behalf of the borrower, St. Regis Properties, including life company and debt fund executions, and ultimately structured the transaction through its correspondent relationship with Voya Investment Management. The floating-rate bridge loan was structured with a four-year term, full-term interest-only payments and flexible prepayment.
"Bridge requests at this leverage typically land with debt fund capital," Slaton said. "Our correspondent life company relationships gave St. Regis a better-priced execution with full-term interest-only and prepayment flexibility, which was the priority given where they are in the business plan."
Built in 1991 and renovated by current ownership, Align Apartments consists of 11 three-story buildings totaling 107,448 square feet on 6.33 acres. The unit mix includes 63 two-bedroom and 42 three-bedroom units. Community amenities include a pool, fitness center, clubhouse, playground and dog park. Since acquiring the property in 2022, the sponsor has invested approximately $2.1 million in interior and exterior capital improvements.
With maturities continuing to come due across the West, Northmarq's San Francisco team works with owners to evaluate the full range of execution paths — life company, agency, CMBS, bank and bridge — to match capital structure to business plan.
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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 $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
