Home Finance 80-Unit MIxed-Use Complex in Seattle Refinanced for $20MM

80-Unit MIxed-Use Complex in Seattle Refinanced for $20MM

Carkeek Park Place Apartments, Northmarq, Seattle, Puget Sound

SEATTLE, WASHINGTON (December 5, 2022) — Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office arranged the cash-out refinance of Carkeek Park Place Apartments in Seattle, Washington. Northmarq funded the $20.8MM loan with a 35-year fixed rate using the FHA 223(f) program through its in-house HUD/FHA division.

Carkeek Park Place, a five-story, 80-unit market rate apartment complex with 15,430 sq. ft. of ground floor commercial space is part of a larger mixed commercial shopping center that includes a QFC grocery anchor and additional strip retail (QFC was not a part of the collateral).

Northmarq’s FHA loan production has grown substantially over the past few years as more owners are drawn to the program’s high leverage and low long-term fixed rates relative to other loan programs.

“This cash-out refinance will partially fund a new multi-family development a block west of Carkeek Park Place. The borrower is a multi-generational family business that I began working with in the 1990s. They developed the Art’s Grocery store in 1956 which subsequently became QFC in 1998. The family developed Carkeek Park Place in 1999,” commented Oswald.

About Northmarq
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. More information on Stan Johnson Company and Four Pillars Capital Markets may be found on their websites.