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Another Seattle-Area Multifamily Site Secures Refinancing, This Time For $22.5M

Sawyer Trail Apartments in Fredrickson refinanced for $22.5M.

NorthMarq Capital recently secured a $22.5M refinance loan for Sawyer Trail Townhomes in Fredrickson.

The multifamily property, located at 17516 44th Ave. East in Frederickson, was developed by Tarragon LLC. It is the third phase of the development and includes 90 townhome units.

The fixed-rate loan is secured with a 10-year term on a 30-year amortization. NorthMarq’s in-house Fannie Mae team arranged the financing.

In 2018, NorthMarq arranged $32M in refinancing for the same apartment development. Bob Spiro, NorthMarq senior vice president for the Seattle office, handled both transactions.

More recently, NorthMarq secured $19.5M in permanent financing for The Main Apartments in Sumner, which is also a Tarragon development, and a $66.9M construction loan for Waterfront Place Apartments in Everett.

Tarragon recently opened the 94K SF, seven-building The Main + Lofts affordable and workforce mixed-use development in Sumner.