SEATTLE, WASHINGTON (October 6, 2020) – Jake Leibsohn, vice president of NorthMarq’s Seattle-based regional office arranged the $6,406,000 refinance of Lynwood Commons on behalf of Timberlane Partners. The 30-unit multifamily property with ground floor retail is located at 4759, 4765, and 4779 Lynwood Center Rd NE in Bainbridge Island, Washington. The transaction was structured with a 10-year term on a 30-year amortization structure, which included 5 years of interest only payments. NorthMarq, a direct Freddie Mac lender, secured the financing for the borrower.
“This refinance allowed Timberlane to take out there existing short-term debt and capitalize on very attractive long-term financing that Freddie Mac was able to provide,” said Leibsohn.
– 10-year term (with 5 years of interest only payments)
– 30-year amortization schedule
– NorthMarq arranged the permanent-fixed rate loan for the borrower through its in-house Freddie Mac team.
Timberlane Partners acquired Lynwood Commons in June of 2018 and proceeded to improve the property through substantial interior and exterior upgrades. Lynwood Commons is located just minutes from the Seattle Ferry on Bainbridge Island and features 30 residential units. Six commercial tenants occupy the 9,167 net rentable square feet of ground floor retail space including a popular Thai restaurant and a market, both long-term tenants. Renters benefit from in-unit washers & dryers, stainless steel appliances, controlled access, and large courtyards. The Property has experienced extremely high demand as tenants continue to seek larger and more affordable places to live while still having convenient access to downtown Seattle.
About Timberlane Partners:
Dave Enslow and John Chaffetz founded Timberlane in 2010 to acquire, improve, and operate cash flowing properties in the Puget Sound region. The business has evolved into three major markets (Seattle, Los Angeles, and Salt Lake City) and now includes multi-family, mixed-use, commercial, development, and hospitality strategies.
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, 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 $13 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 600 people.