NorthMarq completes $6,406,000 refinance of Lynwood Commons in Bainbridge, Washington
SEATTLE, WASHINGTON (September 30, 2020) – Jake Leibsohn, vice president of NorthMarq’s Seattle-based regional office arranged the $6,406,000 refinance of Lynwood Commons on behalf of Timberlane Partners. The 30-unit multifamily property with ground floor retail is located at 4759, 4765, and 4779 Lynwood Center Rd NE in Bainbridge Island, Washington. The transaction was structured with a 10-year term on a 30-year amortization structure, which included 5 years of interest only payments. NorthMarq, a direct Freddie Mac lender, secured the financing for the borrower.
“This refinance allowed Timberlane to take out there existing short-term debt and capitalize on very attractive long-term financing that Freddie Mac was able to provide,” said Leibsohn.
Financing Details:
- 10-year term (with 5 years of interest only payments)
- 30-year amortization schedule
- NorthMarq arranged the permanent-fixed rate loan for the borrower through its in-house Freddie Mac team.
Property Details:
Timberlane Partners acquired Lynwood Commons in June of 2018 and proceeded to improve the property through substantial interior and exterior upgrades. Lynwood Commons is located just minutes from the Seattle Ferry on Bainbridge Island and features 30 residential units. Six commercial tenants occupy the 9,167 net rentable square feet of ground floor retail space including a popular Thai restaurant and a market, both long-term tenants. Renters benefit from in-unit washers & dryers, stainless steel appliances, controlled access, and large courtyards. The Property has experienced extremely high demand as tenants continue to seek larger and more affordable places to live while still having convenient access to downtown Seattle.
About Timberlane Partners:
Dave Enslow and John Chaffetz founded Timberlane in 2010 to acquire, improve, and operate cash flowing properties in the Puget Sound region. The business has evolved into three major markets (Seattle, Los Angeles, and Salt Lake City) and now includes multi-family, mixed-use, commercial, development, and hospitality strategies.
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.
