CHARLOTTE, NORTH CAROLINA (June 2, 2021) – Mark Ebersold, vice president in NorthMarq’s Charlotte office arranged acquisition financing of a commercial land assemblage in Seattle, Washington. The transaction, structured with a 1-year interest-only term, closed within 30 days and enabled the borrower to complete the assemblage needed for a multi-family development. The creative structure of the transaction provided the client the ability to borrow 100 percent of the proceeds needed to purchase the land, while using additional collateral to give the lender adequate underwriting comfort. NorthMarq arranged financing for the borrower through its relationship with a bridge lender.
“NorthMarq was able to find the one lender capable of providing the maximum loan proceeds by agreeing to take preferred equity as additional collateral,” said Ebersold.