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.”
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
