NorthMarq's Seattle office arranges $14 million mortgage for Glenbrooke Apartments in Puyallup, Washington
Glenbrooke Apts
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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
