SEATTLE (July 19, 2016) – Scott Gilson, vice president of NorthMarq Capital’s Seattle-based regional office, arranged a $9.685 refinance for Minor Tower Apartments, a 34-unit multifamily property located in 2525 Minor Ave East in Seattle, Washington. The transaction was structured with a 7-year term with 2-years interest only and 30-year amortization. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
“Minor Tower Apartments was a refinance of a bridge loan I had originated 2 years prior. The client’s main objective was to get a cash-out nonrecourse loan in the mid-three percent range with a few years of interest only. The debt we placed on the asset achieved all of those goals and gives the client the capability to get supplemental financing down the road,” said Gilson.
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 its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks and has a long track record of multi-family loan origination through Freddie Mac Program Plus™, the Fannie Mae DUS program and through FHA, resulting in more than $12 billion in annual production volume and a loan portfolio of more than $47 billion. For more information please visit www.northmarq.com.