Northmarq Completes $8.3M Refi of Everett Mixed-Use Property
Northmarq’s Seattle office has successfully arranged the $8.3 million refinance of Seaway Ridge, a 191,000-square-foot industrial/office building located at 1930 Merrill Creek Parkway, in the Seattle submarket of Everett, WA. The transaction was structured with a 10-year interest-only term, as Northmarq secured the loan for the borrower with a regional bank.
“We were able to provide competitive loan terms with a quick rate lock process, which was critical at this point in the market,” said Northmarq’s Scott Moline who teamed with Bob Spiro to secure the refinance on behalf of the borrower.
Built in 1996, the property features a 28’ clear height, ESFR sprinklers, 44 docks doors, and easy access to Interstate 5, which allows connectivity to the Port of Seattle, Downtown Seattle and SeaTac Airport, all within an hour’s drive. The facility is also currently 100% occupied by three tenants.
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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