NorthMarq's Seattle office arranges two refinancing loans for $36 million in Oregon and Hawaii

BELLEVUE (November 4, 2013) – Bob Spiro, senior vice president and managing director of NorthMarq’s Seattle regional office secured refinancing for two properties, Quatama Village and Waipahu Center, for a total of $36 million in financing. Quatama Village, a 207-unit Class B garden-style apartment complex at 380 NW Gina Way, Beaverton, Oregon, was refinanced for $11.95 million. Financing for the transaction was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “The borrower did a six months-forward loan with Freddie Mac that allowed him to secure a lower rate and not incur any prepayment penalty from the existing agency loan,” said Spiro Waipahu Center, a grocery-anchored retail center located at 94-50 Farmington Hwy, Waipahu, Hawaii, was refinanced for $24 million. The retail property totals 128,810 SF with 35 tenants, including the new grocer, Seafood City. The transaction was structured with a 13-year term and a 27-year amortization schedule. “The borrower refinanced three existing loans and added an additional $6,000,000 to finance tenant improvements for the new grocer and to relocate an existing anchor. This transaction increased the amortization with their existing lender from 13 to 27 years.” explained Spiro. “The borrower was very pleased to refinance this complex deal with his existing lender, a life company.”