PORTLAND, OR—NorthMarq Capital's Seattle based regional office has arranged $22.2 million in financing for 735 St. Clair Apartments, a 212 unit apartment high-rise here. The development includes a 23-story, multi-family residential building with 212 apartment units and one commercial space with a rentable area of 152,560 square feet. A three story parking garage is attached to the north side of the residential tower.
This deal is a non-recourse bridge loan for a cash-out refinance in which the borrowers were able to pay off their construction loan and also pull out additional cash. This asset has had very strong leasing momentum, but has not yet stabilized; as such, the loan also allows for additional funds to be advanced during the loan term once certain performance hurdles are met. Financing was structured with a 60% LTV, 30 year amortization and a 10 year term. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
Stuart Oswald, senior vice president/managing director of NorthMarq's Seattle office handled the arrangements.
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