Northmarq’s Seattle office arranges $17.8 million refinance for Boxcar Apartments
SEATTLE (July 16, 2024) — Managing Director Bob Spiro of Northmarq’s Seattle Debt + Equity team successfully refinanced an existing Fannie Mae loan for Boxcar Apartments in Seattle, Washington. The 145-unit multifamily property was built in 2014 and takes part in Seattle’s Multifamily Tax Exemption (MFTE) Program, granting the borrower a property tax break in exchange for setting aside 20% of the units as affordable.
Northmarq arranged the $17,839,500 permanent fixed rate loan on behalf of the borrower, through Northmarq’s in-house Fannie Mae DUS team. The transaction was structured with a 5-year interest only term at a 5.36% interest rate.
“Fannie Mae continues to provide best in class apartment financing products that meet our client’s needs,” said Spiro.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.
