NorthMarq Capital’s Dennis Williams and Tom Wight arrange $28.7 million in acquisition financing for luxury apartments in Seattle, Washington
SAN FRANCISCO (June 6, 2018) – A team led by Managing Director Dennis Williams and Vice President Tom Wight of NorthMarq Capital’s San Francisco regional office arranged $28.7 million in financing for the acquisition of Origin Apartments, a newly constructed 153-unit luxury multifamily property in Seattle, Washington. The non-recourse loan features full-term interest only payments and a competitive fixed rate. The lender is a correspondent life insurance company with whom NorthMarq Capital has closed several billion dollars in commercial real estate loans. NorthMarq Capital will stay involved as the servicer for the life of the loan. “Given the tight acquisition timeframe, surety of execution was of paramount importance to the Sponsor. Our life company lender allowed the Sponsor to lock rate and provided a loan commitment very early on in the process,” said Wight. The Property was completed in 2017 and features high quality finishes and modern luxury amenities. The property is located strategically between major job centers for Boeing, Amazon, University of Washington, and Microsoft.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
