Home›Real Estate›Mortgages›Northmarq arranges $23.25M refinance for Align Apartme…

Northmarq arranges $23.25M refinance for Align Apartments in Federal Way

The floating-rate bridge loan has a four-year term, with full-term interest-only payments and flexible prepayment.

Reported · Written up by our desk · Mortgages

Northmarq arranged a $23.25 million refinance for Align Apartments, a 105-unit multifamily property in Federal Way, Washington, according to ConnectCRE.

The transaction involved a floating-rate bridge loan structured with a four-year term, full-term interest-only payments, and flexible prepayment, with Northmarq marketing the deal to life company and debt fund lenders on behalf of the borrower, St. Regis Properties.

ConnectCRE said the refinance was ultimately structured through Northmarq’s correspondent relationship with Voya Investment Management.

Align Apartments was built in 1991 and renovated by the current ownership, and since the sponsor acquired the property in 2022 it has invested about $2.1 million in interior and exterior capital improvements.

More like this

Sources