Ascend Multifamily Property In Maple Valley Gets $26M Construction Take-Out Financing
The Ascend multifamily property in Maple Valley recently secured a $26M construction take-out financing loan. The loan was structured with a 10-year term with three years of interest-only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relations with a life insurance company.
The 126-unit building is near SE Kent Kangley Road and 232nd Avenue SE. It is within a mile of the local farmers market, Safeway, Fred Meyer and other retail stores. It is near the Danville-Georgetown Open Space and Henry Ridge and Black Diamond natural areas. The apartments have private patios and balconies, full-sized washer/dryers, vinyl plank flooring, dishwashers and energy-efficient appliances. Community amenities include a community pool, a barbecue area, a dog park, a playground, a 24-hour fitness center and package receiving. It also has free WiFi in common areas.
“Absorption at the subject property was rapid, which allowed the lender to lock rate at about 50% occupancy and fund at break-even,” NorthMarq Seattle Regional Office Senior Vice President Ron Peterson said in a statement. “The loan was closed in 60 days from application and rate lock.”
Peterson arranged the financing.