Northmarq secures $20 million refinance of mixed-use property in Seattle, Washington
SEATTLE, WASHINGTON (December 1, 2022) — Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office arranged the cash-out refinance of Carkeek Park Place Apartments in Seattle, Washington. Northmarq funded the $20.8MM loan with a 35-year fixed rate using the FHA 223(f) program through its in-house HUD/FHA division.
Carkeek Park Place, a five-story, 80-unit market rate apartment complex with 15,430 sq. ft. of ground floor commercial space is part of a larger mixed commercial shopping center that includes a QFC grocery anchor and additional strip retail (QFC was not a part of the collateral).
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.
"This cash-out refinance will partially fund a new multi-family development a block west of Carkeek Park Place. The borrower is a multi-generational family business that I began working with in the 1990s. They developed the Art's Grocery store in 1956 which subsequently became QFC in 1998. The family developed Carkeek Park Place in 1999," commented Oswald.
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