Home Finance Seattle’s Iron Flats Secure $80MM Loan During Phase 2 Lease Up

Seattle’s Iron Flats Secure $80MM Loan During Phase 2 Lease Up

NorthMarq, Seattle, Roosevelt, Iron Flats, Emerald Bay Equity

(EDITOR’S NOTE: According research by The Registry, the location of the subject property is 800 NE 66th St. in Seattle, which is the location of Iron Flats, a property developed by Emerald Bay Equity.)

SEATTLE, WASHINGTON (June 17, 2021) – Stuart Oswald, senior vice president/managing director and Ron Peterson, senior vice president/managing director in NorthMarq’s Seattle office arranged an $80 million loan for a 275+ unit apartment complex located in the Roosevelt neighborhood of Seattle. The transaction was structured with a 3-year term on an interest-only schedule. The project is a three building, two-phase project. The first phase is stabilized while the second phase is only a few months into lease up. 

“The development was originally financed with two construction loans that were maturing later this year.  We encouraged the owners to let us explore take out financing well before stabilization and we were able to offer several attractive, non-recourse, cash-out financing solutions with flexible prepayment structures. We are working on several similar lease up transactions in the local market and have noticed considerable improvement in leasing velocity,” said Oswald.

NorthMarq arranged the financing through a Minneapolis based bridge lender, with whom they have arranged twenty loans totaling $575 million since 2017.  

The loan was funded exactly six weeks after the ownership group signed a term sheet.  

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