NorthMarq arranges a $6,188,000 refinance for Samish Bay Flats in Mount Vernon, Washington
SEATTLE, WASHINGTON (June 9, 2020) – Jake Leibsohn, vice president, and Ron Peterson, senior vice president, of NorthMarq’s Seattle office arranged the $6,188,000 refinancing of Samish Bay Flats. The recently renovated 48-unit multifamily property is located in Mount Vernon, Washington. The transaction was structured with a 10-year, interest-only term. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with Freddie Mac.
“Freddie Mac was able to provide cash-out to the sponsors while also reducing the monthly mortgage payments. The sponsors were able to lock in a historically low rate of 2.96 percent for 10 years. Freddie Mac was also able to provide full-term interest-only. Congratulations to all parties involved for closing this amazing loan amidst a turbulent time in our market,” said Leibsohn.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
