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June 24, 2021

NorthMarq secures $80M for Roosevelt TOD

The local office of NorthMarq recently announced that its Stuart Oswald and Ron Peterson had secured an $80 million loan for an unnamed apartment project in Roosevelt, with about 289 units in three related buildings. That would be Iron Flats, at 828 N.E. 66th St., which was developed by Emerald Bay Equity, designed by Skidmore Janette and built by the developer. What it calls the north and west buildings, closest to the freeway (and on the corner of Eighth Avenue Northeast), opened first. NorthMarq says they're stabilized. The east building opened more recently, and is now filling with tenants. Oswald said in a statement, “The development was originally financed with two construction loans that were maturing later this year. We encouraged the owners to let us explore take out financing well before stabilization and we were able to offer several attractive, non-recourse, cash-out financing solutions with flexible prepayment structures.” First Financial Northwest Bank was the initial lender. NorthMarq says the new loan carries a three-year term on an interest-only schedule. Public records indicate that Varde Partners of Minneapolis provided the loan, via an LLC, in a deal signed in May.




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