Northmarq’s Seattle office negotiates $28,096,000 construction loan for Tacoma Central Logistics in Tacoma, Washington
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.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
