Seattle & Northwest + Seattle + Senior Housing | December 22, 2022

Northmarq Arranges $15M Refinance of Seattle Mixed-Use Property

Northmarq Arranges $15M Refi of Seattle Mixed-Use Property

Northmarq’s Stuart Oswald, SVP/Managing Director of the firm’s Seattle office has arranged the refinance of Courtland Place at Rainier Court in Seattle, WA. Northmarq funded the $15.2 million loan with a 35-year fixed rate using the FHA 223 (f) program through its in-house HUD/FHA division.

Courtland Place at Rainier Court is a five-story, 208-unit, age-restricted senior affordable apartment complex that includes nearly 9,000 square feet of ground floor commercial space. Located in the Columbia City neighborhood of South Seattle, the project serves residents who are at 60, 40 and 30% of AMI. The borrower, Southeast Effective Development (SEED), will reinvest $1.5 million from the refinance in the property.

“We are grateful for the opportunity to help SEED continue their mission of providing affordable housing in Southeast Seattle. This building is the first of a five-phase affordable housing development in Columbia City which SEED started 15 years ago,” said Oswald.

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Northmarq SeattleStuart OswaldSEED's Courtland Place at Rainier Court

About Mark Nieto

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.