Hospitality - Debt

NorthMarq's Seattle office arranged $14.74 million mortgage for Chelsea Heights Apartments in Tacoma, Washington

SEATTLE (July 29, 2013) – Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle regional office, arranged acquisition financing of $14.742 million for Chelsea Heights Apartments located in Tacoma, Washington. The asset is a multifamily property containing 78 market-rate units and 19,000 sq. ft. of ground level commercial space. Financing was arranged for the borrower, a Washington State, LLC, by NorthMarq through its relationship with Freddie Mac. The commercial income was 40 percent of total income which exceeded Freddie Mac’s stated maximum of 25 percent. Freddie Mac was also willing to recognize additional income created by the Real Estate Tax Abatement. “This sponsor has closed a number of loans with Freddie Mac recently and they understand the program and what is required to close the loan. Freddie did an excellent job processing this transaction and working with the short timelines in the purchase and sale agreement. The loan was closed within 45 days of the signed application,” Oswald said.

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.