Auburn Multifamily Project Locks-Down $50M in Financing
Northmarq’s Stuart Oswald and Russ Cree with Glacier Real Estate Finance have collaborated to arrange $50 million in construction take-out financing for The Verge Apartments in Auburn, WA. The loan was structured with a 10-year fixed-rate term and 30-year amortization. Loan proceeds retired construction debt and returned equity to the borrower, Pillar Properties, Teutsch Partners and other investors.
The Verge is a seven-story, 226-unit multifamily complex with 2,000 square feet of ground floor commercial space. Located in downtown Auburn, the project was built in 2021, and the developer took advantage of a tax exemption incentive offered by the city to develop zoned property in the downtown area.
Residences at the community feature high-end finishes including quartz countertops, stainless steel appliances and balconies while community amenities include a roof-top deck and a high-tech theatre. In addition, The Verge is within a short walk to Soundtransit’s Auburn Station, making it an excellent option for Downtown Seattle commuters.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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