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June 11, 2026

Movers & Markets: Northmarq finds $60M for MDG’s Spruce

By BRIAN MILLER
Real Estate Editor

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Spruce West Seattle

In the Alaska Junction neighborhood, Spruce West Seattle opened its 216 units back in 2015. It’s still owned by original developer Madison Development Group. It also debuted with LA Fitness as its anchor commercial tenant; the gym has about 41,837 square feet. And Northmarq just announced a successful refinancing effort worth just over $60.8 million. Its Stuart Oswald, Jack Bell and Ben Biggers secured the Fannie Mae note. It’s a five-year, fixed-rate loan, says Northmarq. Oswald added, “Fannie Mae’s aggressive pricing and 35-year amortization allowed us to maximize leverage for the client with whom we’ve been partnering with for over 25 years.” The original Spruce team also included architect CollinsWoerman and Chinn Construction.


 
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