Northmarq Secures $21M Refi of Seattle Mixed-Use Property
Northmarq’s Seattle office has arranged the cash-out refinance of Carkeek Park Place Apartments, an 80-unit market-rate multifamily complex in Seattle. The firm funded the $20.8 million loan with a 35-year fixed rate using the FHA 223 (f) program through its in-house HUD/FHA division.
“This cash-out refinance will partially fund a new multi-family development a block west of Carkeek Park Place,” said Northmarq senior VP/managing director Stuart Oswald who arranged the transaction. “The borrower is a multi-generational family business that I began working with in the 1990’s. They developed the Art’s Grocery store in 1956 and Carkeek Park Place in 1999.”
The mixed-use property is five stories and includes over 15,000 square feet of ground floor commercial space that is part of a larger commercial shopping center which includes a QFC grocery anchor and additional strip retail.
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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