Northmarq Arranges $74M Construction Debt on Lynnwood Mixed-Use
Northmarq SVPs Jake Leibsohn and Ron Peterson arranged a $74,000,000 construction-to-perm loan for the ground-up development of a 361-unit multifamily mixed-use property located in Lynnwood, WA, just 15 minutes from downtown Seattle’s CBD. Trent Development, Hatteras Sky and Cresset Real Estate Partners are the developers of the project, Ember Apartments.
“We were able to source a competitive, limited recourse, construction loan through one of our correspondent life insurance company partners,” said Leibsohn. “The loan features a seven-year term, which includes five years of interest only payments and a flexible prepayment structure. Congratulations to everyone involved.”
Ember Apartments is situated within the “City Center” District, an area of new development that will include a new community plaza and park, along with the Lynnwood Transit Center, which will provide light rail access to the region, beginning in 2024. The project will include 361 multifamily units and feature approximately 10,000 square feet of ground-level retail.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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