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6/02/15
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Newmark Realty Capital arranged combination construction and permanent financing in the amount of $75 mil for the Stack House Apartments and Supply Laundry Building located in Seattle, WA.
The project is a mixed-use apartment community with 278 apartment units and approximately 35k sf of commercial space plus structured underground parking, located on a full city block in the emerging South Lake Union neighborhood. The project received LEED platinum certification at completion.
Michael Taylor and Patrick Taylor, of Newmark’s Seattle office, arranged the financing for the property owner, Vulcan Real Estate, through State Farm Life Insurance Company, one of Newmark’s correspondent lenders.
“The developer was looking to take advantage of the interest rate environment and lock up the financing for both the construction and the permanent loan up front” said Mike Taylor of Newmark, “and State Farm was able to accommodate that request at very attractive loan terms.”
At completion in early 2015, the project was sold for $151 mil, with the buyer assumed the existing loan.
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