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April 11, 2019
Mike Wood and Colin Ceithaml of Norris, Beggs & Simpson Financial Services have arranged a $5 million non-recourse, fixed-rate loan for the owner of Wallingford Center. The century-old Interlake Elementary School was converted in 1984 by Lorig Associates and Tonkin Architects to 24 apartments over retail and restaurant space. Wood said in a statement, “This repeat borrower of NBS desired a non-recourse, long-term fixed-rate loan with prepayment flexibility. The client also wanted to pull out some equity on the refinance to cover some future (tenant improvement work).” The loan came from by Riversource LLC. Slightly complicating the deal was that the borrower ground-leases the property from the city of Seattle. Bruce Lorig and John Teutsch remain among the partners who hold the ground lease. Whether they own the building is unclear.