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Norpoint Communities Refinances Four Age-Restricted Res Properties in the Puget Sound Region

8/24/22

Norpoint Communities has landed $71.45 mil in separate permanent financings to refinance four 55-Plus age-restricted, active adult multifamily properties in the Puget Sound region. The financing was arranged by Gantry.

The properties, totaling 440-units, include the following communities: Cottages on the Ridge in Silverdale, Highlands at South Hill in Puyallup, Cooper Point Village in Olympia and StoneRidge on the Park in Tacoma.

Gantry’s Jeff Ballaine arranged the transactions. The fixed rate, 15-year loans featuring 30-year amortization were secured through a life company lender.

“Life company lenders have emerged as a competitive option to Agency multifamily financing in the current cycle for many reasons, but their willingness to lock rate at time of application is a primary motivator for many borrowers in what has become a more volatile, rising rate environment,” commented Ballaine.




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