Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Financing