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August 4, 2022

Northmarq secures $24M for Federal Way deal

As the DJC reported in early July, St. Regis Properties and Sequoia Equities paid $35.8 million for 105-unit Align, in Federal Way. Allstate Insurance and American Heritage Life Insurance loaned nearly $24 million for the purchase. Now Northmarq has announced that it arranged that financing. The firm's Andy Slaton, Jackie Goldsmith and Soraya Rios led the effort. Slaton said in a statement, “Our team was able to source the best terms in a volatile rate environment for a fixed-rate four-year bridge loan with prepayment flexibility to fund the value-add acquisition. Align is an attractive opportunity to acquire a cash-flowing asset with upside in an infill location at a discount to replacement cost.” Northmarq says the new owners, both based in the Bay Area, are planning renovations to the garden apartment complex.

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