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November 3, 2022
Northmarq recently announced a trio of notable deals. Up in Everett, the firm's Scott Moline and Bob Spiro arranged an $8.3 million refinancing package for the Seaway Ridge office and industrial building, at 1930 Merrill Creek Parkway. That 1996 building is fully leased to three tenants, says Northmarq. Said Moline of the 10-year, interest-only note, “We were able to provide competitive loan terms with a quick rate lock process, which was critical at this point in the market.” And down in Sumner, in a two-step process, Jake Leibsohn arranged $13.2 million in new equity provided by PCCP to stack atop the accompanying $35.5 million construction loan, also arranged by Northmarq. The borrower and developer is local shop Timberlane Partners, which is planning an unnamed low-rise development with 162 units and 250 parking stalls. Construction began in September, under architect Casey + DeChant and Rush Construction. Completion is anticipated in the fall of next year. Timberlane's Dave Enslow said in a statement, “I grew up in the house across the street from the site, so this is a very special project for me personally. I'm glad I could be a small part of bringing more housing to this great community.” The address couldn't be verified. Northmarq says the project is about 1.5 miles east of the Sumner Transit Station.