SEATTLE – Ron Peterson, senior vice president/managing director, and Scott Gilson, vice president of NorthMarq Capital’s Seattle based regional office, arranged supplemental financing of $8.25 million for Maplewood Apartments, a 399-unit multifamily property located at 3815 NE 4th Street in Renton, Washington. The transaction was structured with a seven year term with two years interest-only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
“This was a Freddie Mac supplemental loan,” said Peterson. “The property has experienced strong NOI growth over the past three years and the borrower wanted to get additional funds to renovate the property and pull cash out. The supplemental loan is co-terminous with the first and had two years of interest-only,” added 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.