Home Commercial NorthMarq Secures $45MM in JV Equity for an Opportunity Zone Development in...

NorthMarq Secures $45MM in JV Equity for an Opportunity Zone Development in Tacoma

NorthMarq, Tacoma, Seattle, Tacoma Plaza, Trent Development, Bridge Investment Group, Studio 19 Architects, Rush Commercial Construction, Gig Harbor

SEATTLE, WASHINGTON (February 15, 2021) – Jake Leibsohn, vice president, and Ron Peterson, senior vice president of NorthMarq’s Seattle office, arranged $45,000,000 in joint venture equity for the development of Tacoma Plaza, a 368-unit multifamily project located in Tacoma, Washington.

“This is the second joint-venture we’ve structured between Trent Development and Bridge Investment Group,” said Leibsohn. “We were happy to see this partnership continue to grow.”

“Jake and Ron have been excellent partners of ours for sourcing debt and equity on our projects,” said Patrick Ashman of Trent Development. “We are pleased to be doing our second project with Bridge and hope to do more with them in the future.”

Leibsohn and Peterson have secured more than $160 million in joint-venture equity for opportunity zone projects within the last year.

Tacoma Plaza is a 1.35-acre site located at 1502 Fawcett Ave in Tacoma, just minutes from several major employment nodes and transportation options. The project will consist of 368 residential units with a mix of studios, one-bedrooms, and two-bedrooms with private balconies, large windows, two rooftop decks, two private courtyards, a dog spa, and TopGolf.

The project is scheduled to be completed in 2023. Seattle-based Studio 19 Architects designed it, and Rush Commercial Construction of Gig Harbor is the general contractor.

About Trent Development

Trent development consists of two main principals, Trent Mummery and Patrick Ashman who have over 40 years combined experience developing institutional quality multifamily and mixed-use projects in the Seattle area, totaling nearly 1,400 units delivered to the market in the past several years. 

About Bridge Investment Group

Bridge Investment Group is a privately held real estate investment management firm with $25+ billion in assets under management. Bridge combines its 4,200+ person*, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and fixed income strategies. As of Q4 2020, Bridge has invested over $2.0 billion of opportunity zone equity making them a leader in the space. 

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 $15 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 500 people.