Northmarq arranges $43.56 million refinance of multifamily garden apartments in Port Orchard, WA

PORT ORCHARD, Wash. (Sept. 20, 2024) — Northmarq’s Seattle Debt + Equity team led by Robert Spiro successfully secured the $43.56 million refinance of Haven Apartments, a garden-style, modern multifamily property located at 4999 Sidney Rd. SW in Port Orchard, Washington.

Northmarq arranged the fixed rate loan on behalf of the borrower. The interest only financing was arranged through Northmarq’s Fannie Mae DUS program.

“Our Northmarq Fannie Mae DUS execution is a great program for developers looking to refinance their construction loans,” said Spiro.

Built in 2022, Haven apartments feature one-, two- and three-bedroom floorplans with quartz countertops and high-end finishes, luxury vinyl flooring, spacious walk-in closet options, a balcony or patio on every unit, kitchen island, full-sized washers and dyers, stainless steel appliances, primary suites and lush park-like views.

The property is less than one mile to Highway 16 and less than 30 minutes to Interstate 5 with access to Tacoma. It is also eight miles from the Southworth Ferry terminal and 10 miles from the Bremerton Ferry Terminal which takes passengers to downtown Seattle.