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