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October 28, 2021

NorthMarq secures $27M for Pierce Co. units

Recently completed south of Puyallup, the 144-unit Glacier Run Phase II has received a refinancing package worth nearly $27.6 million. NorthMarq arranged the Fannie Mae loan, and announced the deal. Its Bob Spiro and Scott Moline led the effort. Two years ago, the same duo arranged an over $37 million refinancing of the recently completed Phase I, with about 240 units. Spiro explained, “We were able to provide competitively priced financing for Phase II with Fannie Mae, and we were able to structure the loan so that the prepayment period matched with the Fannie Mae loan on Phase I.” The new loan carries a 10-year term with a 30-year amortization schedule, said NorthMarq. Tarragon is the borrower, builder and developer. Milbrandt Architects designed the project, which is in south Pierce County, east of Frederickson and near Pierce County Airport (aka Thun Field).




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