Northmarq arranges $8.95 million refinance for Monticello Apartments in Seattle
SEATTLE (Sept. 30, 2024) — Northmarq’s Seattle Debt + Equity team led by Robert Spiro secured a $8.95 million internal refinance of Monticello Apartments, a 107-unit, multifamily property located at 415 Boren Ave. in Seattle.
Northmarq arranged the financing through the firm’s Fannie Mae delegated underwriting program. The permanent loan was structured with a fixed interest rate.
“FNMA executed a competitive structure to meet the client’s needs,” Spiro said.
Monticello features studio, one, two and three-bedroom apartments that feature options for a private balcony, open floor plans, breakfast bar, and city views. It is a pet friendly location that also features reservable on-site parking, package lockers, bike racks, and on-site laundry and maintenance.
The property boasts a location that is just blocks from access to Interstate 5, less than a mile from downtown Seattle and is a 30-minute walk to the Seattle waterfront. Monticello is located near public transportation and is minutes to shopping, dining and entertainment options.
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. 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.
