SEATTLE, WASHINGTON (October 26, 2022) – Scott Moline, vice president and Bob Spiro, senior vice president/managing director of Northmarq’s Seattle office successfully arranged the $8.3 million refinance of Seaway Ridge. The 190,768 sq. ft. industrial/office building is located at 1930 Merrill Creek Parkway in Everett, Washington. The property, built in 1996, features 28′ clear height, ESFR sprinklers, 44 dock doors, excellent maneuverability for large trucks, and easy access to I-5 from SR 526. The property is currently 100 percent occupied by three tenants.
The transaction was structured with a 10-year interest-only term. Northmarq secured the permanent fixed-rate loan for the borrower through its relationship with a regional bank. “We were able to provide competitive loan terms with a quick rate lock process, which was critical at this point in the market,” said Moline.