Sub Markets

Property Sectors

Topics

Seattle & Northwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Seattle & Northwest  + Seattle  + Finance  | 

South Lake Union Apartments Score $18M Fannie Mae Refi

Managing director Bob Spiro of Northmarq’s Seattle Debt + Equity team recently arranged the refinancing of an existing Fannie Mae loan for Boxcar Apartments in Seattle. Located at 975 John St. in the South Lake Union neighborhood, the 145-unit multifamily property was built in 2014 and takes part in Seattle’s Multifamily Tax Exemption Program, granting the borrower a property tax break in exchange for setting aside 20% of the units as affordable.

Northmarq arranged the $17,839,500 permanent fixed-rate loan on behalf of the borrower through the company’s in-house Fannie Mae DUS team. The transaction was structured with a five-year interest only term at a 5.36% interest rate.

“Fannie Mae continues to provide best in class apartment financing products that meet our client’s needs,” said Spiro.

Connect

Inside The Story

Northmarq's Spiro

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing