SEATTLE, WASHINGTON (January 4, 2022) – Scott Moline, vice president of Northmarq’s Seattle office and Bob Spiro, senior vice president/managing director, worked together to secure a $28,096,000 construction loan for Tacoma Central Logistics. The to-be-built industrial building will be 248,000 sq. ft. and the property is located at 1950 South State Street in Tacoma, Washington. The transaction was structured with a 3-year interest-only term. Northmarq arranged financing for the borrower through its relationship with a national bank.
The site was previously occupied by the Tacoma News Tribune. The former building has been demolished and the new building will feature 36′ clear height, 183 auto stalls, 4 grade-level doors, 56 dock doors, and 50 trailer parking stalls. This is a speculative industrial development.
“We were able to provide competitively priced non-recourse construction financing that met the needs of our client and his equity partner,” said Moline.