SEATTLE (July 13, 2018) – Bob Spiro, senior vice president of NorthMarq Capital’s Seattle regional office, arranged refinancing of $32,281,000 for Sawyer Trail Apartments, consisting of 234 units located in Frederickson, Washington. The transaction was structured with a 10-year term on a 30-year amortization schedule. Spiro arranged financing for the borrower through NorthMarq’s Fannie Mae DUS program.
“We were able to execute a Streamlined Early Rate Lock (SRL) on this near stabilization asset due to its strong leasing performance and sponsorship,” said Spiro. “This allowed us to quickly rate lock the transaction upon the subject hitting the occupancy, leasing, and projected stabilization requirements for the Near-Stab program.”