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September 23, 2021

NorthMarq secures $61M for Issaquah refi

Stuart Oswald, in the Seattle office for NorthMarq, has arranged nearly $61.4 million in refinancing for the 209-unit Discovery West apartments in the Issaquah Highlands, the company announced. The FHA loan to DevCo carries a 35-year fixed rate in the mid-2% range, said NorthMarq, via the Federal Housing Authority's 223(f) program. Oswald said in a statement, “NorthMarq's FHA loan production has grown substantially in the past 24 months, as more owners are drawn to the program's high leverage and low long-term fixed rates relative to other loan programs.” GGLO designed the six-story complex, with six buildings next to the Swedish Issaquah Campus. DevCo sister company Heartland Construction completed the 3-acre development in 2016.

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