NorthMarq completes $27,397,000 refinance of The Morton Apartments in Salt Lake City, Utah
SEATTLE, WASHINGTON (December 16, 2020) – Jake Leibsohn, vice president of NorthMarq’s Seattle-based regional office arranged the $27,397,000 refinance of The Morton Apartments on behalf of Timberlane Partners. The 137-unit mid-rise multifamily property is located at 245 S 200 E in Salt Lake City, Utah. The transaction was structured with a 10-year term and 10 years of interest only payments. The rate is fixed at 2.76 percent for the life of the loan. NorthMarq secured financing for the borrower through its in-house Fannie Mae platform.
“The Morton qualified for a Green Globes certificate which enabled Fannie Mae to offer a very competitive rate and terms. The refinance allowed Timberlane to take-out their construction loan and return a significant amount of equity while still in the tail end of lease-up,” said Leibsohn.
Financing Details:
- 10-year term
- 10 years of interest only payments
- 2.76% fixed rate
- NorthMarq arranged the permanent-fixed rate loan for the borrower through its internal Fannie Mae DUS group
- Green Building Certificate
Built in 2019, The Morton Apartments consists of 92,812 of residential sq. ft. and roughly 1,440 NRSF of retail space. The site is ideally located within walking distance to many public transportation options, which span across most of the region, and to the Downtown SLC Central Business District. In-unit amenities include expansive 9 to 10-foot ceilings, wood-style flooring, Vivint Smart Home Technology, faux wood blinds, designer gas ranges and backsplashes with stainless steel appliances, walk-in closets, and oversized dual-pane windows. Building amenities include a top floor club room with pool tables, resident lounge with flat screen TV’s, 24-hour fitness and yoga center, rooftop terrace with fire pits and BBQs, pet terrace and dog wash, storage and lockers, valet trash, bike storage/wash/repair, and Envoy – electric car sharing.
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.
