SEATTLE, WASHINGTON – Jake Leibsohn, senior vice president and Ron Peterson senior vice president and managing director of Northmarq’s Seattle-based regional office arranged the $74,000,000 construction-to-perm loan for the ground-up development of a 361-unit multifamily mixed-use property located in Lynnwood, Washington, just 15 minutes from Downtown Seattle’s Central Business District. Trent Development, Hatteras Sky, and Cresset Real Estate Partners are the developers of the project.
“We were able to source a competitive, limited recourse, construction loan through one of our correspondent life insurance company partners,” said Leibsohn. “The loan features a 7-year term, which includes five years of interest only payments and a flexible prepayment structure. Congratulations to everyone involved.”
Ember Apartments is situated within the “City Center” District, an area of new development that will include a new community plaza and park, along with the Lynnwood Transit Center, which will provide light rail access to the region, beginning in 2024. The project will include 361 multifamily units and feature approximately 10,000 sq. ft. of ground-level retail. The project is also enrolled in Lynnwood’s Multiple Unit Housing Property Tax Exemption Program, which will allow for 20 percent of the units to be dedicated as workforce housing.
About Northmarq
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 $30 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.
About Trent Development
Trent development consists of two main principals, Trent Mummery and Patrick Ashman, who have over 40 years combined experience developing institutional quality multifamily and mixed-use projects in the Seattle area, totaling nearly 1,400 units delivered to the market in the past several years. When opportunity zones were created in late 2017, Trent and Patrick quickly focused on acquiring the best parcels of land within specific opportunity zones throughout the Pacific Northwest.
About Hatteras Sky
Hatteras Sky is a commercial real estate development firm based in Atlanta that was founded by Jason Cordon and Amy Kelly. In addition to conventional development, the group specializes in development in opportunity zones and historic rehabilitations. Currently, the development pipeline totals more than $1.3 billion dollars for all Hatteras Sky projects. For more information about the firm and its team, please visit the Hatteras Sky website.
About Cresset Real Estate Partners
Cresset Real Estate Partners leverages decades of relationships with industry-leading developers to secure off-market opportunities with advantageous structures. Our flexibility and speed allow us to capture desirable investments. Cresset Real Estate Partners currently oversees a portfolio of more than $3 billion. Cresset refers to Cresset Capital Management and all of its subsidiaries and affiliates. Cresset Asset Management, LLC provides investment advisory, family office, and other services to individuals, families, and institutional clients. Cresset Partners, LLC provides investment advisory services strictly to investment vehicles investing in private equity, real estate and other investment opportunities. Cresset Asset Management, LLC, and Cresset Partners, LLC are SEC registered investment advisors.
