SEATTLE, WASHINGTON (January 19, 2023) – Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office and Russ Cree of Glacier Real Estate Finance, collaborated to arrange a $50 million construction take-out loan for The Verge Apartments in Auburn, Washington. The loan was structured with a 10-year fixed rate term, 30-year amortization, and no repayment penalty in the last five years of the loan term. Loan proceeds retired construction debt and returned equity to the borrower, an entity including Pillar Properties, Teutsch Partners, and various other investors.
The Verge is a seven-story, 226-unit apartment complex with 2,026 sq. ft. of ground floor commercial space located in downtown Auburn, Washington. The project was developed in 2021 and the developer took advantage of a multi-family tax exemption incentive offered by the city of Auburn to develop downtown zoned property. The project is a two-minute walk from Auburn Station.
About Northmarq
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.
