SEATTLE, WASHINGTON (December 3, 2020) – Jake Leibsohn, vice president of NorthMarq’s Seattle-based regional office arranged the $9,850,000 acquisition financing of The Fulton Apartments on behalf of Timberlane Partners. The 50-unit mid-rise multifamily property is located at 110 Williams Avenue South in Renton, Washington. The transaction was structured with a 10-year term on a 30-year amortization structure, which included 4-years of interest-only payments. The rate is fixed at 2.80 percent for the life of the loan. NorthMarq Fannie Mae – DUS, secured the financing for the borrower.
“This acquisition financing allowed Timberlane, a strong repeat Fannie Mae borrower, to take advantage of extremely competitive green pricing, favorable leverage, and four years of interest-only to help with cash-flow,” said Leibsohn.
- 10-year term
- 4 years of interest only payments
- 30-year amortization schedule
- 2.80% fixed rate
- NorthMarq arranged the permanent-fixed rate loan for the borrower through its internal Fannie Mae DUS group
Built in 2008 as condominium’s, The Fulton Apartments (previously known as Chateau De Ville) offers a mix of one and two-bedroom units ranging from 667 square feet to 1,141 square feet. Timberlane Partners acquired this project to improve the property through an immediate reposition with refreshed interior and exterior renovations, and a full rebranding of the subject, in order to upgrade this space for existing and new residents. In addition, the borrower anticipates reducing both the energy and water consumption at property by over 15 percent through upgrades to the appliances and fixtures. The subject property is located on the south end of Lake Washington in Renton, Washington, and is within walking distance to the downtown Renton Transit Center, numerous places to dine and shop, the Renton Public Library, Liberty Park, and the Renton Community Center.
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.