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Northmarq's Stuart Oswald recently arranged a $66.9M construction loan for the 266-unit Waterfront Place Apartments in Everett.
Construction began this month and the multifamily project is expected to deliver in 24 months. The two-building, four-story complex will feature mountain and water views.
The 85% loan-to-cost loan used the Federal Housing Administration’s 220 program for its funding. The borrower is a joint venture between SeaLevel Properties and Gracorp. The venture locked in a 40-year fixed 3.75% interest rate, plus an additional 0.25% mortgage insurance premium for green projects. It includes a 28-month no interest period. The nonrecourse construction loan has no lease-up requirements or completion guarantees for conversion to permanent.
The complex will include units from 750 SF studios to 1,400 SF three-bedroom units.
The apartments are part of the $85M Waterfront Place Central mixed-use development at Port of Everett. The project includes capital investment such as additional roads and new marine infrastructure, Hotel Indigo, up to 660 housing units, restaurants and commercial space. The 142-room Hotel Indigo sits on Fisherman’s Harbor on Port Gardener Bay and features 8K SF of indoor meeting and event space, as well as 5K SF of outdoor event space.
The project is expected to support 2,000 jobs and bring in $8.6M in new state and local tax revenue.
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