Roosevelt Neighborhood Multifamily Gets $80M in Added Financing
An $80 million loan was recently arranged for a 275-plus unit apartment complex located in the Roosevelt neighborhood of Seattle. The project is a three building two-phase project. The first phase is stabilized while the second phase is only a few months into lease up.
Stuart Oswald and Ron Peterson in NorthMarq’s Seattle office arranged the loan for the transaction structured with a three-year term on an interest-only schedule.
“The development was originally financed with two construction loans that were maturing later this year. We encouraged the owners to let us explore take-out financing well before stabilization and we were able to offer several attractive non-recourse cash-out financing solutions with flexible prepayment structures. We are working on several similar lease-up transactions in the local market and have noticed considerable improvement in leasing velocity,” said Oswald.
NorthMarq arranged the financing through a Minneapolis-based bridge lender. The loan was funded exactly six weeks after the ownership group signed a term sheet.