NorthMarq Capital San Francisco arranges $48 million in financing for Seattle multifamily property

SAN FRANCISCO (November 21, 2017) – Nathan Prouty, managing director, and Andrew Slaton, vice president of NorthMarq Capital’s San Francisco regional office, arranged $48 million in financing for The Lakes Apartments, a 265-unit multifamily property located at 14760 NE 40th Street in Bellevue, Washington. The transaction was structured with a 10-year interest only term. NorthMarq arranged the financing on behalf of Prometheus Real Estate Group through its correspondent relationship with a life insurance company. “With high-caliber sponsorship and quality real estate, we were able to work with a strong existing lender relationship to craft a composite structure that allowed for the most competitive terms available in the market—full term interest-only, significant cash-out proceeds, and an early rate lock on a low 10-year interest rate,” said Prouty.