NorthMarq secures $45 million in joint venture equity for an opportunity zone development in Tacoma, Washington
SEATTLE, WASHINGTON (February 10, 2021) – Jake Leibsohn, vice president, and Ron Peterson, senior vice president of NorthMarq’s Seattle office, arranged $45,000,000 in joint venture equity for the development of Tacoma Plaza, a 368-unit multifamily project located in Tacoma, Washington.
“This is the second joint-venture we’ve structured between Trent Development and Bridge Investment Group,” said Leibsohn. “We were happy to see this partnership continue to grow.”
“Jake and Ron have been excellent partners of ours for sourcing debt and equity on our projects,” said Patrick Ashman of Trent Development. “We are pleased to be doing our second project with Bridge and hope to do more with them in the future.”
Leibsohn and Peterson have secured more than $160 million in joint-venture equity for opportunity zone projects within the last year.
Tacoma Plaza is a 1.35-acre site located at 1502 Fawcett Ave in Tacoma, just minutes from several major employment nodes and transportation options. The project will consist of 368 residential units with a mix of studios, one-bedrooms, and two-bedrooms with private balconies, large windows, two rooftop decks, two private courtyards, a dog spa, and TopGolf.
The project is scheduled to be completed in 2023. Seattle-based Studio 19 Architects designed it, and Rush Commercial Construction of Gig Harbor is the general contractor.
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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.
