BELLVUE, WASHINGTON (September 9, 2019) – NorthMarq Seattle’s Stuart Oswald arranged a $66,884,000 construction loan for Waterfront Place Apartments in Everett, Washington. The property contains 266 units.
– The 85 percent loan-to-cost loan was funded using FHAs 220 program and was processed by NorthMarq’s in-house FHA team.
– The borrower, a joint venture between SeaLevel Properties and Gracorp, was able to lock in a 40-year fixed interest rate of 3.75 percent (plus an additional 0.25 percent MIP for Green projects) on a non-recourse construction loan with no lease-up requirements or completion guarantees for conversion to perm.
– The loan features an additional 28-month interest-only construction period.
“Construction began this month and the project is expected to be completed in approximately 24 months. NorthMarq is very grateful for the opportunity to work with this best-in-class development team and is excited to participate in the $600 million revitalization of the Port of Everett. In addition to Waterfront Place apartments, the master plan includes a 142-room boutique hotel (which is scheduled to open in September), amphitheater and a pedestrian bridge with staircase connecting the waterfront to downtown Everett.”
– Stuart Oswald
– The four story mid-rise, with great water/mountain views, features two distinct, yet connected buildings inspired by Everett’s cultural touchstones.
– The property will be located at 1300-1400 West Marine View Drive in Everett, Washington 98201
– Opening is slated for 2021
– According to the SeaLevel Properties’ website, “The Port of Everett has planned, and is now executing the infrastructure development for the upland property at the Port of Everett Marina. This development is called Waterfront Place. Waterfront Place is a large-scale mixed-use development that will be inclusive of residential, hospitality, office, retail and light industrial/craft uses. The marina at the center of the development is one of the largest on the West Coast and is host to transient marina guests, yacht clubs, vessels moored on a full-time basis and a small fishing fleet.”