SEATTLE, WASHINGTON (October 21, 2021) – Bob Spiro, senior vice president, and Scott Moline, vice president of NorthMarq’s Seattle office completed the $27,575,000 refinance of Glacier Run Phase II. The 144-unit multifamily property (built in 2021) is located at 12020 Sunrise Boulevard East in Puyallup, Washington. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq secured the permanent-fixed loan for the borrower, through its in-house Fannie Mae team.
“We were able to provide competitively priced financing for Phase II with Fannie Mae, and we were able to structure the loan so that the prepayment period matched with the Fannie Mae loan on Phase I,” said Spiro.
Phase II includes 144 units that feature the same design and layouts as Phase I (one, two, and three bedroom floorplans). Individual units feature large open spaces with an abundance of natural light and are outfitted with high-end finishes such as quartz countertops, stainless steel appliances, and in-unit washer and dryer.
Common area amenities include a heated resort-style pool, fitness center, dog park, three season room, and clubhouse.
The city of Puyallup is located approximately 35 miles southeast of Seattle and roughly 10 miles southeast of Tacoma, Washington. The subject property is an ideal location for commuters and the surrounding neighborhood features an abundance of retail along Meridian Ave E.
The first phase of the project was completed in 2020.
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 600 people.