SAN FRANCISCO, CALIFORNIA (May 14, 2019) – A NorthMarq team led by managing director Dennis Williams and vice president Tom Wight has arranged $18.5 million in permanent debt to refinance Greenhouse Apartments, a sustainable design apartment community located in Seattle, Washington. Analysts Anika Comaroto and Soraya Rios assisted as key members of the transaction team.
NorthMarq arranged the non-recourse financing through a correspondent life insurance company on behalf of the Sponsor, J.B. Matteson, Inc. of San Mateo, California. The fixed-rate loan has interest-only payments for the full duration of the 10-year term.
“Our client took advantage of today’s beneficial interest rate environment to lock in a long term non-recourse loan on a trophy asset. A key consideration was the interest-only component, which allows our client to maximize cash flow returns to their investors,” said Wight.
The urban apartment community comprises 124 units with luxury features such as granite countertops, oversized windows, wood flooring, nine foot ceilings, and in-unit washer and dryer. The LEED Silver certified building incorporates unique sustainable design elements such as a rooftop garden and a community greenhouse, along with desirable lifestyle amenities such as a private courtyard and fitness center.