SAN FRANCISCO, CALIFORNIA (July 25, 2022) – Northmarq worked on behalf of the Sponsor, a partnership between St. Regis Properties and Sequoia Equities, to secure $23.9 million in fixed-rate bridge financing to acquire and renovate Align Apartments, a garden style apartment community located 20 minutes south of Seattle in Federal Way, Washington. The property was built in 1991 and consists of 105 units spread across 10 three-story buildings and one clubhouse. The Northmarq team was led by Senior Vice President Andy Slaton with key analyst support from Jackie Goldsmith and Soraya Rios.
“Our team was able to source the best terms in a volatile rate environment for a fixed-rate four-year bridge loan with prepayment flexibility to fund the value-add acquisition. Align is an attractive opportunity to acquire a cash-flowing asset with upside in an infill location at a discount to replacement cost,” said Slaton. Financing for the Sponsor was arranged through Northmarq’s correspondent relationship with a life insurance company.
The property consists of two- and three-bedroom units that average 1,023 sf. The expansive floor plans and accessible location provide for a desirable community. Units feature a washer/dryer, wood-burning fireplace, and private patio/balcony. Residents of Align Apartments benefit from numerous community amenities including an outdoor pool and sundeck, indoor spa, fitness center, resident clubhouse, business center, and playground. With seamless access to I-5, Align offers residents the opportunity to take full advantage of the growing economy in both Tacoma and Kent Valley. The Sponsor plans to renovate the units and update the fitness center, clubhouse, pool, and other community amenities.