SEATTLE (September 25, 2013) Ron Peterson, senior vice president/managing director at NorthMarq’s Seattle, Washington regional office, secured first mortgage refinancing of $14 million for the Glenbrooke Apartments, located at 701 43rd Ave SE, Puyallup, Washington. The affordable housing multifamily property contains 225 units and features a fitness center, a heated outdoor swimming pool, a full-sized basketball court and a cedar sauna. The property had a complex ownership structure with multiple partners. This transaction facilitated a refinance for a limited partner buy-out. Due to the affordable nature of the asset and tax credits, the borrower received favorable financing. Financing was based on a 10-year term and a 30-year amortization period with three years interest only and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.
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