September 13, 2019
A $66.8 million construction loan has been arranged for the development of Waterfront Place Apartments, a four-story, mid-rise 266-unit community on the waterfront in Everett. The project at 1300-1400 West Marine View Dr. is slated to open in 2021.
The borrower, a JV between SeaLevel Properties and Gracorp, was able to lock in a 40-year fixed interest rate of 3.75%, plus an additional 0.25% MIP for Green projects, on a non-recourse construction loan with no lease-up requirements or completion guarantees for conversion to perm. The loan features an additional 28-month interest-only construction period.
The 85% loan-to-cost loan was funded using FHA’s 220 program and was processed by NorthMarq’s in-house FHA team. NorthMarq’s Stuart Oswald, who arranged the construction loan, says, “Construction began this month and the project is expected to be completed in approximately 24 months.”
The overall community includes a 142-room boutique hotel, amphitheater and a pedestrian bridge connecting the waterfront to downtown Everett.
For comments, questions or concerns, please contact Dennis Kaiser