Managing Director Bob Spiroof Northmarq’s SeattleDebt + Equity team successfully refinanced an existing Fannie Mae loan for Boxcar Apartments in Seattle, Washington.
Northmarq arranged the $17,839,500 permanent fixed rate loan on behalf of the borrower, through Northmarq’s in-house Fannie Mae DUS team. The transaction was structured with a 5-year interest only term at a 5.36% interest rate.
Boxcar Apartments were built in 2022 and consist of 135 units across 7 stories. Floorplans range from studio to two bedroom and one to two bathroom options and range in size from 370 to 850 square feet.
“Fannie Mae continues to provide best in class apartment financing products that meet our client’s needs,” said Spiro.
Home to Seattle’s thriving tech and healthcare scene, South Lake Union has become a vibrant apartment neighborhood over the last two decades. The submarket’s proximity to Seattle and major employers such as Amazon, Meta, Google and Apple as well as UW Medicine and Fred Hutch Cancer Research make it highly sought after by prospective tenants. The multifamily community is situated just two miles from Downtown Seattle and features a Walk Score® of 99 (Walker’s Paradise).
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq introduces clients to expanded opportunities across all major asset classes.
