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January 26, 2023
The seven-story, 226-unit Verge, at Auburn Town Center, opened about two years ago at 109 S. Division St. Pillar Properties, Teutsch Partners, Urbal Architecture and Compass General Construction were behind that effort, which earned an award at the 2021 NAIOP Night of the Starts gala. Now Northmarq has announced a new $50 million financing package, which retires the old loan. That company's Stuart Oswald worked with Russ Cree of Glacier Real Estate Finance on the new loan, which carries a 10-year fixed rate term with 30-year amortization. The lender wasn't named, but public records indicate BECU. The project is a short walk to Auburn Station and its Sounder rail service.