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May 26, 2011

NorthMarq Capital

Bob Spiro of NorthMarq Capital's Bellevue office arranged first mortgage financing of $3.1 million for Hidden Firs Apartments, a 62-unit property in Lynnwood. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged through Freddie Mac. Spiro said the transaction is a low-leverage $2 million cash back contract. The client spent $150,000 improving the property before closing. The borrower got what Spiro said was a low fixed rate, 10-year loan to retire a HUD loan.




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