NorthMarq arranges a $6,188,000 refinance for Samish Bay Flats in Mount Vernon, Washington

Samish Bay Flats

Debt & Equity

Multi-Tenant

SEATTLE, WASHINGTON (June 9, 2020) – Jake Leibsohn, vice president, and Ron Peterson, senior vice president, of NorthMarq’s Seattle office arranged the $6,188,000 refinancing of Samish Bay Flats. The recently renovated 48-unit multifamily property is located in Mount Vernon, Washington. The transaction was structured with a 10-year, interest-only term. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with Freddie Mac.

“Freddie Mac was able to provide cash-out to the sponsors while also reducing the monthly mortgage payments. The sponsors were able to lock in a historically low rate of 2.96 percent for 10 years. Freddie Mac was also able to provide full-term interest-only. Congratulations to all parties involved for closing this amazing loan amidst a turbulent time in our market,” said Leibsohn.

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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.