Northmarq’s Seattle office and Glacier Real Estate Finance arrange a $50 million loan for a mixed-use property in Auburn, Washington
SEATTLE, WASHINGTON (January 17, 2023) – Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office and Russ Cree of Glacier Real Estate Finance, collaborated to arrange a $50 million construction take-out loan for The Verge Apartments in Auburn, Washington. The loan was structured with a 10-year fixed rate term, 30-year amortization, and no repayment penalty in the last five years of the loan term. Loan proceeds retired construction debt and returned equity to the borrower, an entity including Pillar Properties, Teutsch Partners, and various other investors.
The Verge is a seven-story, 226-unit apartment complex with 2,026 sq. ft. of ground floor commercial space located in downtown Auburn, Washington. The project was developed in 2021 and the developer took advantage of a multi-family tax exemption incentive offered by the city of Auburn to develop downtown zoned property. The project is a two-minute walk from Auburn Station.
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