Multifamily - Debt

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.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.