Home Finance NorthMarq Secures $18.5MM in Non-Recourse Financing for Multifamily Property in Seattle, Washington

NorthMarq Secures $18.5MM in Non-Recourse Financing for Multifamily Property in Seattle, Washington

NorthMarq, Seattle, J.B. Matteson,San Francisco, Peninsula, San Mateo, Greenhouse Apartments, Multifamily Property, Washington

SAN FRANCISCO, CA (May 15, 2019) – A NorthMarq team led by managing director Dennis Williams and vice president Tom Wight has arranged $18.5 million in permanent debt to refinance Greenhouse Apartments, a sustainable design apartment community located in Seattle, Washington. Analysts Anika Comaroto and Soraya Rios assisted as key members of the transaction team.

NorthMarq arranged the non-recourse financing through a correspondent life insurance company on behalf of the Sponsor, J.B. Matteson, Inc. of San Mateo, California. The fixed-rate loan has interest-only payments for the full duration of the 10-year term.

“Our client took advantage of today’s beneficial interest rate environment to lock in a long term non-recourse loan on a trophy asset. A key consideration was the interest-only component, which allows our client to maximize cash flow returns to their investors,” said Wight.

The urban apartment community comprises 124 units with luxury features such as granite countertops, oversized windows, wood flooring, nine foot ceilings, and in-unit washer and dryer. 

The LEED Silver certified building incorporates unique sustainable design elements such as a rooftop garden and a community greenhouse, along with desirable lifestyle amenities such as a private courtyard and fitness center.  

About J.B. Matteson, Inc.

J.B. Matteson, Inc. is a 50-year old privately held investment manager located on the San Francisco Peninsula. On behalf of several hundred private capital investors, JB Matteson owns and operates Class A, investment grade multifamily properties located in major metropolitan areas on the West Coast. JB Matteson’s $1 billion portfolio includes both urban mixed-use assets and suburban garden style apartments. 

About Northmarq

NorthMarq is the largest privately held commercial real estate financial intermediary in the U.S. and provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $60 billion. For more information, please visit www.northmarq.com/cities/san-francisco/.