SEATTLE, WASHINGTON – Jake Leibsohn, vice president, and Ron Peterson, senior vice president, of NorthMarq’s Seattle office arranged the $6,188,000 refinancing of Samish Bay Flats. The recently renovated 48-unit multifamily property is located in Mount Vernon, Washington. The transaction was structured with a 10-year, interest-only term. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with Freddie Mac.
“Freddie Mac was able to provide cash-out to the sponsors while also reducing the monthly mortgage payments. The sponsors were able to lock in a historically low rate of 2.96 percent for 10 years. Freddie Mac was also able to provide full-term interest-only. Congratulations to all parties involved for closing this amazing loan amidst a turbulent time in our market,” said Leibsohn.
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 more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.