A $43.5 million construction loan was assumed for the ground-up development of a 206-unit multifamily property located in the Judkins Park neighborhood of Seattle. Trent Development, Hatteras Sky and Cresset-Diversified Opportunity Zone Fund II are the developers of the project.
Jake Leibsohn, vice president, and Ron Peterson, managing director, of NorthMarq’s Seattle-based regional office arranged the loan. NorthMarq’s correspondent life insurance company provided the 12-year construction to permanent loan. The loan included four years of interest-only followed by a 30-year amortization schedule.
“Construction lenders have certainly pulled back on financing projects in the core of Seattle since the start of COVID; however, well-thought-out projects with good sponsors like 622 Rainier are still able to attract competitive financing terms,” said Leibsohn. “We are excited to watch as this project and the Judkins Park Light Rail Station continue to transform the neighborhood.”
The project sits on a 0.75-acre site near the Central Business District.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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