Northmarq announces $12.75 million refinance of Creekside Village in Mill Creek, WA

SAN FRANCISCO (Jan. 2, 2024) — Northmarq’s San Francisco Debt + Equity team arranged $12.75 million in financing on behalf of Octagon Capital Group, LLC for Creekside Village in Mill Creek, Washington. Led by Managing Director Dennis Williams with support from Andrew Deaver and Soraya Rios, the team secured a 10-year fixed rate, full term interest only CMBS loan at a 337 spread on a 62% LTV.

“We closed the loan at the requested proceeds for our client against massive swings in the 10-year treasury which reached 5.0% for the first time in 16 years,” said Williams. “Despite this volatility we managed to capture the drop in treasuries and secure a favorable rate for our client.”

Creekside Village is located 20 miles northeast of Seattle in Snohomish County. The property, which is 100% leased to 23 tenants, totals 47,790 sq. ft. and is comprised of three two-story retail/office buildings and two freestanding, single-story restaurants. Creekside Village was completed in 2007 and features 38,070 sq. ft. of retail space, 9,720 sq. ft. of office space and 168 surface and subterranean parking stalls (3.52/1,000 sq. ft.).