Northmarq’s Seattle office arranges $17.8 million refinance for Boxcar Apartments

Boxcar Apts
Debt & Equity
Multifamily
Debt
Fannie Mae
145-unit multifamily property in Seattle, WA

SEATTLE (July 16, 2024) — Managing Director Bob Spiro of Northmarq’s Seattle Debt + Equity team successfully refinanced an existing Fannie Mae loan for Boxcar Apartments in Seattle, Washington. The 145-unit multifamily property was built in 2014 and takes part in Seattle’s Multifamily Tax Exemption (MFTE) Program, granting the borrower a property tax break in exchange for setting aside 20% of the units as affordable.

Northmarq arranged the $17,839,500 permanent fixed rate loan on behalf of the borrower, through Northmarq’s in-house Fannie Mae DUS team. The transaction was structured with a 5-year interest only term at a 5.36% interest rate.

“Fannie Mae continues to provide best in class apartment financing products that meet our client’s needs,” said Spiro.

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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.
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