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Owners of Greenhouse Apartments in Seattle recently secured $18.5M in permanent debt for refinancing the building. The nonrecourse financing was done through Lincoln National Life Insurance Co. on behalf of its sponsor, J.B. Matteson of San Mateo, California. The fixed-rate loan has interest-only payments for its 10-year term.
A NorthMarq team, lead by Managing Director Dennis Williams and Vice President Tom Wight, arranged the financing.
“Our client took advantage of today’s beneficial interest rate environment to lock in a long term non-recourse loan on a trophy asset,” Wight said in a statement. “A key consideration was the interest-only component, which allows our client to maximize cash flow returns to their investors.”
The 124-unit apartment community is touted as having a sustainable design. High-end finishes include granite countertops, oversized windows, wood flooring, 9-foot ceilings and in-unit washer and dryers. The building has a LEED Silver certification and includes sustainable features such as a rooftop garden and greenhouse. It also has a private courtyard and a fitness center.
The 77,575 SF building was built in 2012, according to public records. It sold to its current owners, Matteson Greenhouse Investers LLC, for $32.1M in October 2013.
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