Northmarq arranges $15.2 million refinance of low income mixed-use property in Seattle, Washington

SEATTLE, WASHINGTON (December 19, 2022) – Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office arranged the refinance of Courtland Place at Rainier Court in Seattle, WA. Northmarq funded the $15.2MM loan with a 35-year fixed rate using the FHA 223(f) program through its in-house HUD/FHA division.

Courtland Place at Rainier Court is a five-story, 208-unit, 100 percent age restricted affordable apartment complex with 8,880 sq. ft. of ground floor commercial space located in the Columbia City neighborhood of South Seattle. The project serves residents who are at 60 percent, 40 percent and 30 percent of AMI. The refinance gives the borrower, Southeast Effective Development (SEED), over $1.5MM which will be reinvested in the property.

"We are grateful for the opportunity to help SEED continue their mission of providing affordable housing in Southeast Seattle.This building is the first of a five-phase affordable housing development in the Columbia City neighborhood which SEED started over 15 years ago," commented Oswald. 

Northmarq’s FHA loan production has grown substantially over the past few years as more owners are drawn to the program’s high leverage and low long-term fixed rates relative to other loan programs.