Northmarq arranges $14.6 million refinance for Trailwood Apartments
SAN FRANCISCO (Sept. 29, 2023) — Andrew Slaton, senior vice president and senior director in Northmarq’s San Francisco Debt + Equity office, secured the $14.6 million refinance of Trailwood Apartments, a 100-unit multifamily community in Redmond, Washington. Slaton arranged financing for the sponsor through Northmarq’s in-house Fannie Mae DUS team. The transaction was structured on a 7-year term.
“We received strong feedback from bank, life company and agency lenders, and ultimately, our Fannie platform provided the best combination of rate, loan proceeds, and interest only period,” Slaton said. “The property had a bank loan with an unfavorable rate adjustment, and we were able to retire that with an attractive fixed rate loan during a very volatile time in the market.”
Trailwood Apartments was built in 1977 and features 20 one-bedroom, 46 two-bedroom and 34 three-bedroom units. The garden-style community is located at 8501 Willows Rd. NE and approximately 16 miles east of Seattle and blocks away from coffee shops, shopping, grocers and more. Residents enjoy a well-maintained community with features such as a pool, spa, fitness center and mature landscaping throughout. Trailwood Apartments boasts a pet-friendly and scenic community in a prime location. Apartment amenities include: Hardwood-style vinyl flooring, carpeting, walk-in closets, modern kitchen cabinetry, cozy fireplace, outdoor seating area and an in-unit washer and dryer.
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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.
