Northmarq Secures $24M Financing for Federal Way MultiFam Buy
A partnership between St. Regis Properties and Sequoia Equities has acquired Align Apartments, a garden style multifamily community in Federal Way, WA. The Northmarq team of Andy Slaton, Jackie Goldsmith and Soraya Rios secured $24 million in fixed-rate bridge financing to purchase and renovate the property on behalf of the Sponsor.
“Our team was able to source the best terms in a volatile rate environment for a fixed-rate four-year bridge loan to fund the value-add acquisition. Align is an attractive opportunity to acquire a cash-flowing asset with upside in an infill location at a discount to replacement cost,” said Slaton.
The property consists of 105 two- and three-bedroom units spread across 10 three-story buildings and one clubhouse. The residences feature a wood-burning fireplace and private patio/balcony. Community amenities include an outdoor pool and sundeck, indoor spa, fitness center and business center.
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.