SEATTLE (June 19, 2018) – Bob Spiro, senior vice president of NorthMarq Capital’s Seattle regional office, arranged $38 million in permanent financing for Cobble Court Apartments, a 386-unit multifamily property located at 345 Pacific Avenue North in Pacific, Washington. The transaction was structured with a 10-year term on a 30-year amortization schedule. Sprio arranged financing for the borrower through NorthMarq’s Fannie Mae DUS program.
Property amenities include: fitness center, spa, pool, basketball court, playground/play area, pet play area and resident cabana. Unit amenities include: lush landscaping views, close proximity to shopping/dining/entertainment, bonus storage, climate control, walk-in closets, window coverings, private patios/decks, open floor plans, washer/dryer and wood–burning fire place.
“It took less than 30 days from rate lock to close,” noted Spiro. “Our Fannie Mae team did, yet again, another fantastic job on a tight schedule.”
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 offices across the U.S. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company services a loan portfolio of more than $52 billion and has over 300 loan origination experts in regional offices coast-to-coast. For more information please visit www.northmarq.com.