Seattle Modular Building Gets $13M Refi

CBRE secured the 10-year loan for Cubix North Apartments, a 108-unit affordable community in the northern part of the metro. Parkstone Properties owns the project.
Cubix North Apartments
Cubix North Apartments

Cubix North Apartments, a 108-unit newly built multifamily project in Seattle, has received a $13 million refinancing loan.

A CBRE Capital Markets’ Debt & Structured Finance team assisted the borrower in obtaining the 10-year refinancing package. Per Yardi Matrix data, local company Parkstone Properties owns and manages the affordable micro apartment building that includes 3,380 square feet of commercial space. Jackson|Main Architecture designed Cubix North Apartments and Guerdon Modular Buildings made the apartment modules, according to the Daily Journal of Commerce.

Located at 1008 N. 109th St., Cubix is near Highway 99, providing quick access to downtown Seattle, Northgate Mall, Green Lake and North Seattle College. The four-story, modular-constructed building features a rooftop deck with barbecue grills and city views, storage units and bike storage.

“The borrower is a pioneer in creating thoughtful, innovative solutions to provide housing at a lower price point to our community, while maintaining high quality, functional units,” said Jeff Henderson, vice president of CBRE Seattle, in prepared remarks. Henderson represented the borrower in the transaction.

Last year, another CBRE Capital Markets’ Debt & Structured Finance team facilitated a $56.9 million loan for the acquisition of three communities in the Southeast and Midwest regions.

Image courtesy of CBRE