$67M Secured for Everett Waterfront MF Development
A $66.8 million construction loan has been arranged for the development of Waterfront Place Apartments, a four-story, mid-rise 266-unit community on the waterfront in Everett. The project at 1300-1400 West Marine View Dr. is slated to open in 2021.
The borrower, a JV between SeaLevel Properties and Gracorp, was able to lock in a 40-year fixed interest rate of 3.75%, plus an additional 0.25% 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.
The 85% loan-to-cost loan was funded using FHA’s 220 program and was processed by NorthMarq’s in-house FHA team. NorthMarq’s Stuart Oswald, who arranged the construction loan, says, “Construction began this month and the project is expected to be completed in approximately 24 months.”
The overall community includes a 142-room boutique hotel, amphitheater and a pedestrian bridge connecting the waterfront to downtown Everett.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.