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Cobble Court Apartments Secures $38M In Permanent Financing

Cobble Court Apartments Secures $38M In Permanent Financing
The Cobble Court Apartments complex in Pacific changes hands for $38M.

NorthMarq Capital’s Seattle office recently arranged $38M in permanent financing for the 386-unit Cobble Court Apartments in Pacific, Washington. The transaction was structured with a 10-year term on a 30-year amortization schedule.

The property includes a fitness center, a spa, a pool, a basketball court, a playground/play area, a pet play area and a resident cabana. The property is close to shopping, dining and entertainment. The units have additional storage, climate control, walk-in closets, private patios and decks and wood-burning fireplaces.

It was financed through NorthMarq’s Fannie Mae DUS program and took less than 30 days to close. It was arranged by NorthMarq Capital’s Seattle office senior vice president, Bob Spiro.