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NorthMarq Capital recently arranged $32M in refinancing for Sawyer Trail Apartments. NorthMarq Senior Vice President of the Seattle office Bob Spiro handled the transaction. It was structured with a 10-year term on a 30-year amortization schedule. Spiro arranged financing for the borrower through NorthMarq’s Fannie Mae DUS program.
The Sawyer Trail Apartments in Frederickson consist of 234 units.
“We were able to execute a Streamlined Early Rate Lock on this near stabilization asset due its strong leasing performance and sponsorship,” Spiro said in a statement. “This allowed us to quickly lock the transaction upon the subject hitting the occupancy, leasing and projected stabilization requirements for the (Near-Stabilization) program.”
The Near-Stabilization Execution program is a Fannie Mae product used to refinance partially leased, newly constructed or recently renovated conventional and affordable apartment communities.
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