Seattle-Area Community Scores $23M Refi
NorthMarq secured the Fannie Mae loan for the third phase of the 486-unit property.
Investco Financial has received $22.5 million in refinancing for the third phase of Sawyer Trail, a 62-building multifamily property in Frederickson, Wash. NorthMarq secured the 10-year, fixed-rate Fannie Mae loan, with an amortization schedule of 30 years.
According to Yardi Matrix data, the property was constructed in three phases, between 2018 and this year. Bob Spiro, senior vice president & managing director with NorthMarq, noted that the stages were financed with a total of $80 million. The final portion comprises 90 townhome units of the total count of 486. Common area amenities at Sawyer Trail include a fitness center, clubhouse, playground, swimming pool and spa.
Located on a site of roughly 32 acres at 17412 44th Ave E., the community is within 13 miles of downtown Tacoma, Wash., a port city south of Seattle. The property, which fronts 176th St. East, also enjoys views of Mt. Rainier and is situated 4 miles from a retail corridor adjacent to the Pierce County Airport.
Spiro, along with Vice President Scott Moline, arranged the financing. Last month, another one of NorthMarq’s teams secured a $13 million refinancing package for a 156-unit community in Omaha, Neb.