Multifamily - Debt

NorthMarq secures $19,461,000 permanent financing via Fannie Mae’s near stabilization execution for The Main Apartments in Sumner, Washington

SEATTLE, WASHINGTON  (March 5, 2020) – Bob Spiro, senior vice president/managing director and Scott Moline, vice president of NorthMarq’s Seattle office arranged the $19,461,000 financing for The Main Apartments. The 108-unit multifamily property is located at 15225 West Main Street in Sumner, Washington. The Main Apartments is located just east of the Downtown Historical District, which is home to a variety of shops and businesses. The property provides convenient access to nearby local and regional employment centers and the nearby Sumner Station provides daily service to Seattle, Tacoma, and Puyallup.

“Permanent financing was arranged with the Fannie Mae near stabilization execution. The client was able to lock rate at 75 percent physical occupancy and 60 percent economic occupancy,” said Spiro. 

Financing Details:
– 10-year term
– 30-year amortization schedule
– NorthMarq arranged financing for the borrower through its in-house Fannie Mae team.  

Property Details:
The property features one and two bedroom floorplans and property amenities include a fully equipped fitness room, community lounge (includes kitchen, TVs, and café seating), outdoor event space, covered BBQs and kitchen counter, fire pit with Mt. Rainier views, enclosed outdoor fireplace with seating area, private garden beds, and onsite parking. 

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.