June 13, 2018
NorthMarq Capital’s San Francisco regional office arranged $28.7 million in acquisition financing for Origin Apartments, a newly-constructed 153-unit luxury multifamily property in Seattle. The property was acquired by San Francisco Bay Area-based JB Matteson, Inc., from Summerhill Apartment Communities for $53 million.
The property was completed in 2017, and features high quality finishes and modern luxury amenities. It is located strategically between major job centers for Boeing, Amazon, University of Washington, and Microsoft at 12311 32nd Avenue NE.
NorthMarq’s Dennis Williams and Tom Wight handled the non-recourse loan, which features full-term interest-only payments and a competitive fixed rate. The lender is a correspondent life insurance company with whom NorthMarq Capital has closed several billion dollars in commercial real estate loans. NorthMarq Capital will stay involved as the servicer for the life of the loan.
The Connect Apartments conference will take place June 26. For more information, or to register, log on here.
For comments, questions or concerns, please contact Dennis Kaiser