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Northmarq Secures $61M Refinancing for Seattle Mixed-Use Property
Northmarq’s Seattle Debt + Equity team, led by Managing Director Stuart Oswald, along with Vice Presidents Jack Bell and Ben Biggers, successfully completed the $60.83 million refinance of a 216-unit, 42,000-square-foot mixed-use retail and residential property located in Seattle, Washington.
Northmarq arranged the permanent fixed-rate loan on behalf of the borrower, a partnership led by Madison Development Group, through the firm’s in-house Fannie Mae DUS platform. Northmarq funded a five-year, fixed-rate loan with 35-year amortization for the borrower, who retired an existing Fannie Mae loan.
“Fannie Mae’s aggressive pricing and 35-year amortization allowed us to maximize leverage for the client with whom we’ve been partnering for over 25 years,” said Oswald. Built in 2014, the property consists of two five-story buildings with contemporary architecture, situated above parking and retail. The asset is a modern, mixed-use residential apartment complex offering studio, one-, and two-bedroom units.
