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Northmarq Secures $14M Refinance for Washington MF
Minnesota-based Northmarq recently arranged the refinancing for Trailwood Apartments, a 100-unit multifamily community in Redmond, Washington. Andrew Slaton, senior vice president and senior director in Northmarq’s San Francisco Debt + Equity office, secured the $14.6 million refinance for the sponsor through Northmarq’s in-house Fannie Mae DUS team. The transaction was structured on a seven-year term.
“We received strong feedback from bank, life company and agency lenders, and ultimately, our Fannie platform provided the best combination of rate, loan proceeds, and interest-only period,” Slaton said. “The property had a bank loan with an unfavorable rate adjustment, and we were able to retire that with an attractive fixed rate loan during a very volatile time in the market.”
Trailwood Apartments was built in 1977 and features 20 one-bedroom, 46 two-bedroom and 34 three-bedroom units. The garden-style community is located at 8501 Willows Road NE and approximately 16 miles east of Seattle.
