September 25, 2013

NorthMarq's Seattle office arranges $14 million mortgage for Glenbrooke Apartments in Puyallup, Washington

Glenbrooke Apts

Debt & Equity

Multi-Tenant

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.

Available Multifamily properties

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.