Seattle & Northwest + Seattle + Apartments | June 18, 2021

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.

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Stuart Oswald

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.