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December 8, 2022
The owner and original developer of the 80-unit Carkeek Park Place has secured a $20.8 million refinancing package from Northmarq, that company recently announced. The loan, which also supports the 15,430-square-foot retail portion of the property came carries a 35-year fixed rate via the FHA 223(f) program. Northmarq's Stuart Oswald led the effort, and said, “This cash-out refinance will partially fund a new multifamily development a block west of Carkeek Park Place. The borrower is a multi-generational family business that I began working with in the 1990s. They developed the Art's Grocery store in 1956, which subsequently became QFC in 1998.” Developer F.R. McAbee is meanwhile working with Clark Barnes on the nearby 63-unit apartment plan; that doesn't yet have its master use permit. Carkeek Place itself dates to 1999.