Multifamily - Debt

NorthMarq Capital

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.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.