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February 10, 2022

Northmarq secures $74M for Lynnwood units

Trent Development announced the start of construction last month on Ember, an eight-story, 361-unit apartment project near the future light rail station in Lynnwood. Now Northmarq has disclosed its role in securing a $74 million construction loan for the project. That firm's Jake Leibsohn and Ron Peterson led the effort; the lender wasn't named. Leibsohn said in a statement, “We were able to source a competitive, limited recourse construction loan through one of our correspondent life insurance company partners. The loan features a seven-year term, which includes five years of interest-only payments and a flexible prepayment structure.” Trent's partners in Ember are Hatteras Sky and Cresset Real Estate Partners. Completion is anticipated in 2024, about the same time that Sound Transit opens Lynnwood City Center Station. Clark Barnes designed Ember, and W.G. Clark Construction is the builder.




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