BELLEVUE, WA—Ron Peterson, senior vice president/managing director of NorthMarq Capital's Seattle based regional office has arranged a refinance for $27 million for 12 Central Apartments, a 204-unit garden style conventional market multifamily property located at 10290 NE 12th St., Bellevue.
Financing for the transaction was structured with a 10-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.
Freddie Mac refinanced one of their existing loans for a property with a 50-yard line location in Bellevue where the LTV was very low. Freddie locked the rate early and funded five months later so the borrower did not have a prepayment penalty.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
