Seattle & Northwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Seattle & Northwest  + Oregon  + Finance  | 
Mays Landing Salem OR

Northmarq Arranges $13M Refinance of Multifamily Property in Salem

May’s Landing Apartments, a 96-unit, garden-style multifamily complex in Salem, OR has been refinanced by the San Diego, CA office of Northmarq. The transaction, arranged by Northmarq’s Conor Freeman, was structured with a 10-year term and 10 years of interest-only payments. The firm secured financing for the borrower though its in-house Fannie Mae platform.

The relatively new property was constructed by Salem-based Rushing Group. “May’s Landing qualified for a Green Globes certificate which enabled Fannie Mae to offer a meaningful reduction in spread. The permanent refinance allowed the Rushing Group to take out their interim bridge debt utilized during the property’s lease-up and return equity for their next multifamily devlopment,” commented Freeman in a news release. 

Connect

Inside The Story

NorthmarqRushing Group

About Mark Nieto

  • ◦Financing
Money360-11-cube
Chase-10-cube