NorthMarq secures $9.25 million in acquisition financing for commercial land assemblage in Seattle, Washington
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.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
