NorthMarq completes acquisition financing of $8,281,000 for multifamily property in Seattle, Washington
SEATTLE, WASHINGTON (February 5, 2020) – Jake Leibsohn, vice president and Ron Peterson senior vice president of NorthMarq’s Seattle-based regional office arranged acquisition financing of $8,281,000 for Riverview West on behalf of Timberlane Partners. The 54-unit multifamily property is located at 10300 Des Moines Memorial Drive in Seattle, Washington.
“Our in-house Fannie Mae team was able to secure the financing by offering the most attractive terms and meeting the short acquisition timeline.”
- Jake 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 Fannie Mae team.
Property Details:
- Property highlights: Riverview West sits on a professionally landscaped smoke-free community in a convenient location near many shopping centers, restaurants, movie theatres and other entertainment. The property is also close to Hwy 99, making commuting around the state an easy option.
- Amenities include: Controlled access, property manager on-site, 24-hour availability, pet play area, public transportation access, key fob entry, high speed internet access, Wi-Fi, heating, cable ready, tub/shower, fireplace, carpet, dining room, great in-apartment views, walk-in closets, linen closet, fully-stocked kitchen and large bedrooms.
About Timberlane Partners
Timberlane Partners was founded in 2011 to acquire, improve, and operate cash flow properties in the Puget Sound region. As the first round of investments began to perform, the business quickly expanded into value-add plays. Timberlane started to create superior returns and more compelling stories by turning run-of-the-mill rental properties into special assets by taking some risks with aesthetics, strategy, and marketing. Timberlane aspires to innovate further by making cultural stewardship, excellence in design and affordability without compromise.
Meet our team
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.
