NorthMarq’s Seattle office arranges construction take-out financing of $26 million for multifamily property in Maple Valley, Washington

SEATTLE, WASHINGTON (January 10, 2019) – Ron Peterson, senior vice president/managing director of NorthMarq’s Seattle regional office arranged $26 million in construction take-out financing for Ascend, a 126-unit multifamily property located in Maple Valley, Washington. The transaction was structured with a 10-year term with 3-years of interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. 

Located near SE Kent Kangley Road and 232nd Ave SE, the property is within one mile of the local farmer’s market, Safeway, Fred Meyer, as well as a large selection of walkable retail opportunities nearby. The property is situated between the Danville-Georgetown Open Space and the Henry Ridge and Black Diamond Natural Areas.  Apartment amenities include: private patios and balconies, full-sized washer/dryer, vinyl plank flooring, dishwasher, energy efficient appliances, disposal, quartz countertops and a range oven. Community amenities include: outdoor pool, barbeque area, clubhouse/lounge, dog park, playground, 24-hour fitness center, package receiving and free WiFi in common areas. 

“Absorption at the subject property was rapid, which allowed the lender to lock rate at about 50 percent occupancy and fund at break-even,” noted Peterson. “The loan was closed in 60 days from application and rate lock.”