NorthMarq’s Seattle office closes $80 million loan for apartment complex in Roosevelt neighborhood of Seattle, Washington

SEATTLE, WASHINGTON (June 16, 2021) – Stuart Oswald, senior vice president/managing director and Ron Peterson, senior vice president/managing director in NorthMarq’s Seattle office arranged an $80 million pre-stabilized refinance for a 275+ unit apartment complex located in the Roosevelt neighborhood of Seattle. The transaction was structured with a 3-year term on an interest-only schedule. The project is a three building, two-phase project. The first phase is stabilized while the second phase is only a few months into lease up. The phases were originally financed separately with two construction lenders.

“The development was originally financed with two construction loans that were maturing later this year. We encouraged the owners to let us explore take out financing well before stabilization and we were able to offer several attractive, non-recourse, cash-out financing solutions with flexible prepayment structures. We are working on several similar lease up transactions in the local market and have noticed considerable improvement in leasing velocity,” said Oswald.

NorthMarq arranged the financing through a Minneapolis-based bridge lender, with whom NorthMarq has arranged twenty loans totaling $575 million since 2017.  

The loan was funded exactly six weeks after the ownership group signed a term sheet.