SEATTLE, WASHINGTON (February 3, 2022) – Jake Leibsohn, senior vice president and Ron Peterson senior vice president and managing director of Northmarq’s Seattle-based regional office arranged the $74,000,000 construction-to-perm loan for the ground-up development of a 361-unit multifamily mixed-use property located in Lynnwood, Washington, just 15 minutes from Downtown Seattle’s Central Business District. Trent Development, Hatteras Sky, and Cresset Real Estate Partners are the developers of the project.
“We were able to source a competitive, limited recourse, construction loan through one of our correspondent life insurance company partners,” said Leibsohn. “The loan features a 7-year term, which includes five years of interest only payments and a flexible prepayment structure. Congratulations to everyone involved.”
Ember Apartments is situated within the “City Center” District, an area of new development that will include a new community plaza and park, along with the Lynnwood Transit Center, which will provide light rail access to the region, beginning in 2024. The project will include 361 multifamily units and feature approximately 10,000 sq. ft. of ground-level retail. The project is also enrolled in Lynnwood’s Multiple Unit Housing Property Tax Exemption Program, which will allow for 20 percent of the units to be dedicated as workforce housing.