Home Commercial NorthMarq Secures $19.5MM Financing for The Main Apartments in Sumner, Washington

NorthMarq Secures $19.5MM Financing for The Main Apartments in Sumner, Washington

NorthMarq, Fannie Mae, Sumner, The Main Apartments, Sumner Station, Seattle, Tacoma, Puyallup
Rendering courtesy of Tiscareno Associates

SEATTLE, WASHINGTON  (March 9, 2020)  Bob Spiro, senior vice president/managing director and Scott Moline, vice president of NorthMarq’s Seattle office arranged the $19,461,000 financing for The Main Apartments. The 108-unit multifamily property is located at 15225 West Main Street in Sumner, Washington. The Main Apartments is located just east of the Downtown Historical District, which is home to a variety of shops and businesses. The property provides convenient access to nearby local and regional employment centers and the nearby Sumner Station provides daily service to Seattle, Tacoma, and Puyallup.

“Permanent financing was arranged with the Fannie Mae near stabilization execution. The client was able to lock rate at 75 percent physical occupancy and 60 percent economic occupancy,” said Spiro. 

Financing Details:

  • 10-year term
  • 30-year amortization schedule
  • NorthMarq arranged financing for the borrower through its in-house Fannie Mae team.  

Property Details:

The property features one and two bedroom floorplans and property amenities include a fully equipped fitness room, community lounge (includes kitchen, TVs, and café seating), outdoor event space, covered BBQs and kitchen counter, fire pit with Mt. Rainier views, enclosed outdoor fireplace with seating area, private garden beds, and onsite parking

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 $14+ billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 500 people.