Home Commercial Southeast Effective Development Refinances 208-Unit Mixed Use Property in Seattle for $15.2MM

Southeast Effective Development Refinances 208-Unit Mixed Use Property in Seattle for $15.2MM

Southeast Effective Development, Northmarq, Seattle, Courtland Place at Rainier Court, Columbia City, Puget Sound

SEATTLE, WASHINGTON(December 20, 2022) – Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office arranged the refinance of Courtland Place at Rainier Court in Seattle, WA. Northmarq funded the $15.2MM loan with a 35-year fixed rate using the FHA 223(f) program through its in-house HUD/FHA division.

Courtland Place at Rainier Court is a five-story, 208-unit, 100 percent age restricted affordable apartment complex with 8,880 sq. ft. of ground floor commercial space located in the Columbia City neighborhood of South Seattle. The project serves residents who are at 60 percent, 40 percent and 30 percent of AMI. The refinance gives the borrower, Southeast Effective Development (SEED), over $1.5MM which will be reinvested in the property.

“We are grateful for the opportunity to help SEED continue their mission of providing affordable housing in Southeast Seattle.This building is the first of a five-phase affordable housing development in the Columbia City neighborhood which SEED started over 15 years ago,” commented Oswald.

Northmarq’s FHA loan production has grown substantially over the past few years as more owners are drawn to the program’s high leverage and low long-term fixed rates relative to other loan programs.

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.