Retail - Debt

Arranged $1.6 Million Mortgage for Retail Property in Sammamish, Washington

SEATTLE (May 13, 2013) Bob Spiro, senior vice president and managing director of NorthMarq’s Seattle regional office, arranged acquisition financing of $1.6 million for 721 228th Avenue NE, a 5,890 sq. ft. retail property in Sammamish, Washington. Three tenants occupy the site – Key Bank, Papa Johns and a Dry Cleaners. Financing was based on a 20-year term and a 20-year amortization schedule and was arranged for the borrower, Aliza LLC, by NorthMarq through its relationship with a correspondent life company lender. “The borrower liked that the deal was fixed for 20 years and the low leverage was fine as it accommodated his tax-free exchange,” Spiro stated. “The lender will finance Canadian owners on a low-leverage basis at 50 percent of purchase price.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.