Northmarq secures $60.83M refinancing for Seattle mixed-use property
SEATTLE — Northmarq’s Seattle Debt + Equity team, led by Managing Director Stuart Oswald along with Vice Presidents Jack Bell and Ben Biggers, successfully completed the $60.83 million refinance of a 216-unit, 42,000-square-foot mixed-use retail and residential property located in Seattle, Washington.
Northmarq arranged the permanent fixed-rate loan on behalf of the borrower, a partnership led by Madison Development Group, through the firm’s in-house Fannie Mae DUS platform.
“Fannie Mae’s aggressive pricing and 35-year amortization allowed us to maximize leverage for the client with whom we’ve been partnering with for over 25 years,” commented Oswald.
Northmarq funded a five-year, fixed-rate loan with a 35-year amortization for the borrower that retired an existing Fannie Mae loan and includes an option of supplemental loan proceeds 12 months after closing.
The property consists of two five-story buildings with contemporary architecture, situated above parking and retail.
The asset is a modern, mixed-use residential apartment complex in a central location, known for its walkability, proximity to shops, groceries, transit and dining. The apartments offer studio and one- and two-bedroom units with upscale interiors, including stainless steel appliances, stone countertops, hardwood-style flooring and private patios or balconies.
Residents have access to a wide range of amenities, including an onsite fitness center, multiple lounges and gathering spaces, courtyards with fire pits and grills, and a standout rooftop dog run. The property was originally constructed in 2014.
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
