NorthMarq completes $16,965,450 construction loan for Baywood Park in Everett, Washington
MINNNEAPOLIS, MINNESOTA (July 21, 2021) – Andy Finn, Vice president of NorthMarq’s Minneapolis office along with Bob Spiro, Senior Vice President/Managing Director and Scott Moline, Vice President of the Seattle office arranged a $16,965,450 construction loan on behalf of a joint venture Onward Investors LLC and Latitude Development LLC for Baywood Park. The 234,175 sq. ft. industrial property will be located at 200 West Marine View Drive in Everett, Washington. NorthMarq negotiated the non-recourse construction loan for the borrower through its relationship with a national bank.
Baywood is a 234,175 sq. ft. speculative industrial project located in Everett, Washington. The project is located in a unique park-like setting on the Puget Sound waterfront in an amenity rich area with easy access to I-5 and SR 529. The facility will be concrete tilt-up featuring a 30 ft clear height, 130-135 ft concrete truck court, with dock-high and grade level doors.
“We were able to provide very attractive non-recourse construction financing for this speculative industrial development,” said Finn. “We were successful in creating the optimal financing solution for our client that will allow them to execute their business plan.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
