NorthMarq's Seattle office arranged $14.74 million mortgage for Chelsea Heights Apartments in Tacoma, Washington
Chelsea Heights Apts
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.
Meet our team
About Northmarq
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.
