SEATTLE, WASHINGTON (April 23, 2021) – Bob Spiro, senior vice president and managing director and Scott Moline, vice president from NorthMarq’s regional Seattle office secured the $14,500,000 refinance for Lakeland Commons Retail, located on 1502 Lake Tapps Parkway Southeast, Auburn, Washington. The transaction was structured on a 10-year fixed loan on a 30-year amortization schedule.
“We were able to provide retail financing through one of our life company correspondents during a challenging time for the retail sector due to the COVID pandemic,” said Spiro.
Lakeland Commons Retail is located in the heart of the Lakeland Hills neighborhood, which is one of the nicest master planned communities in Pierce County. The site offers excellent access from Hwy-167 and is located about 30 miles south of Seattle and 14 miles east of Tacoma, making it ideal for households commuting to both cities. The property features a Walgreens and 35,000 sq. ft. of strip retail.