NorthMarq Capital’s Seattle office finalizes $8.25 million supplemental financing for Maplewood Apartments in Renton, Washington
Maplewood Apts
SEATTLE (April 12, 2016) – Ron Peterson, senior vice president/managing director, and Scott Gilson, vice president of NorthMarq Capital’s Seattle based regional office, arranged supplemental financing of $8.25 million for Maplewood Apartments, a 399-unit multifamily property located at 3815 NE 4th Street in Renton, Washington. The transaction was structured with a seven year term with two years interest-only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “This was a Freddie Mac supplemental loan,” said Peterson. “The property has experienced strong NOI growth over the past three years and the borrower wanted to get additional funds to renovate the property and pull cash out. The supplemental loan is co-terminous with the first and had two years of interest-only,” added Gilson.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
