SAN FRANCISCO – A team led by Managing Director Dennis Williams and Vice President Tom Wight of NorthMarq Capital’s San Francisco regional office arranged $28.7 million in financing for the acquisition of Origin Apartments, a newly constructed 153-unit luxury multifamily property in Seattle, Washington.
The non-recourse loan features full-term interest only payments and a competitive fixed rate. The lender is a correspondent life insurance company with whom NorthMarq Capital has closed several billion dollars in commercial real estate loans. NorthMarq Capital will stay involved as the servicer for the life of the loan.
“Given the tight acquisition timeframe, surety of execution was of paramount importance to the Sponsor. Our life company lender allowed the Sponsor to lock rate and provided a loan commitment very early on in the process,” said Wight.
The Property was completed in 2017 and features high quality finishes and modern luxury amenities. The property is located strategically between major job centers for Boeing, Amazon, University of Washington, and Microsoft.
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S, provides debt, equity and commercial loan servicing through offices across the U.S. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company services a loan portfolio of more than $52 billion and has over 300 loan origination experts in regional offices coast-to-coast. For more information please visit www.northmarq.com.