Home Finance NorthMarq Completes Acquisition Financing of $8,281,000 for Multifamily Property in Seattle

NorthMarq Completes Acquisition Financing of $8,281,000 for Multifamily Property in Seattle

SEATTLE, WASHINGTON (February 5, 2020) – Jake Leibsohn, vice president and Ron Peterson senior vice president of NorthMarq’s Seattle-based regional office arranged acquisition financing of $8,281,000 for Riverview West on behalf of Timberlane Partners. The 54-unit multifamily property is located at 10300 Des Moines Memorial Drive in Seattle, Washington. 

“Our in-house Fannie Mae team was able to secure the financing by offering the most attractive terms and meeting the short acquisition timeline,” said Jake Leibsohn.

Financing Details:
– 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 Fannie Mae team. 

Property Details: 
– Property highlights: Riverview West sits on a professionally landscaped smoke-free community in a convenient location near many shopping centers, restaurants, movie theatres and other entertainment. The property is also close to Hwy 99, making commuting around the state an easy option. 
– Amenities include: Controlled access, property manager on-site, 24-hour availability, pet play area, public transportation access, key fob entry, high speed internet access, Wi-Fi, heating, cable ready, tub/shower, fireplace, carpet, dining room, great in-apartment views, walk-in closets, linen closet, fully-stocked kitchen and large bedrooms. 

About Timberlane Partners
Timberlane Partners was founded in 2011 to acquire, improve, and operate cash flow properties in the Puget Sound region. As the first round of investments began to perform, the business quickly expanded into value-add plays. Timberlane started to create superior returns and more compelling stories by turning run-of-the-mill rental properties into special assets by taking some risks with aesthetics, strategy, and marketing. Timberlane aspires to innovate further by making cultural stewardship, excellence in design and affordability without compromise.

About NorthMarq
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, 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 more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.