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November 14, 2024

Northmarq finds $65M for three refinancings

In a trio of recent refinancing deals for separate owners, Northmarq has arranged nearly $65 million in new money for the three different owners. On First Hill, the 1950s-era Monticello benefited from a nearly $9 million Fannie Mae deal. Northmarq's Robert Spiro led the effort. (Those 107 units last traded in 2007.) In Enumclaw, another $13 million in Fannie Mae funding went to the 84-unit Aspen Glade. Spiro again led that initiative. The largest deal came in Port Orchard, where Spiro and colleagues arranged over $43 million in Fannie May money for the 216-unit Haven Apartments (pictured), which opened last year. Spiro said in a statement, “Our Northmarq Fannie Mae DUS execution is a great program for developers looking to refinance their construction loans.” DUS refers to delegated underwriting and servicing.




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