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January 5, 2023

Northmarq lends a hand to SEED

In a year-end deal, Northmarq announced last month that it arranged a $15.2 million refinancing package for an affordable senior housing community run by Southeast Effective Development, or SEED. That's the 208-unit Courtland Place at Rainier Court, which was developed circa 2005. Stuart Oswald led the effort, for an FHA loan carrying a 35-year fixed rate. He said in a statement, “We are grateful for the opportunity to help SEED continue their mission of providing affordable housing in Southeast Seattle. This building is the first of a five-phase affordable housing development in the Columbia City neighborhood which SEED started over 15 years ago.” SEED plans to spend about $1.5 million on maintaining and improving the building; and it's separately planning the 49-unit Rainier Court V, the final phase of development at Rainier Court.




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