SEATTLE, WASHINGTON (September 14, 2021) – Stuart Oswald, senior vice president/managing director of NorthMarq’s Seattle office has arranged the refinance of Discovery West Apartments in Issaquah, Washington. The 209-unit class A multifamily property is located at 580 8th Avenue NE in Issaquah, Washington.
NorthMarq funded a $61,360,9000 cash-out loan with a 35-year fixed rate in the mid 2 percent range using the FHA 223(f) program through its in-house HUD/FHA division. The low rate coupled with the loan proceeds warranted paying off an existing fixed rate loan four years before maturity. The development also obtained Energy Star for Existing Buildings certification, which reduced the mortgage insurance premium charged by HUD.
NorthMarq also placed the previous loan with a correspondent insurance company in 2015 when the project first opened.
The property’s unique hilltop location offers many view units and maximizes natural light in all units and common areas. It’s larger than average unit size and strong amenity package make it one of the nicest communities in the highly desirable Issaquah Highlands suburban submarket, a close-in community located 10 miles east of Bellevue and 17 miles east of Seattle.
“NorthMarq’s FHA loan production has grown substantially in the past twenty-four months as more owners are drawn to the program’s high leverage and low long-term fixed rates relative to other loan programs,” said Oswald.