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February 24, 2020
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Seattle Multifamily Project Lands $13 Mil Refi Loan


CBRE Capital Markets’ Debt & Structured Finance team has secured $13 mil in refi money for Cubix North Apartments, a brand new multifamily development with 108 living units and 3.4k sf of commercial space in North Seattle.

Completed in January 2019, Cubix North is a four-story, modular-constructed, micro apartment building located at 1008 N. 109th St. The property sits near Hwy 99, providing quick public and private transportation to Downtown Seattle, Northgate Mall, Green Lake, North Seattle College and more.

The building includes a rooftop deck with barbecue and city views, storage units, bike storage, smart-phone enabled on-site laundry, two building-owned smart cars for exclusive tenant use and free bus passes. Unit amenities include generous natural lighting, microwaves, premium countertops, two-burner stoves and refrigerators.

CBRE’s Jeff Henderson arranged the loan for Daniel Stoner of 1008 Apartments LLC, who was seeking to lock rate on permanent debt as soon as possible after the completion of construction. The loan is fixed for 10 years.

North Seattle has traditionally been a lower-rent region; however, the rapid growth of Seattle’s in-city neighborhoods has pushed middle-income renters into the non-core portions of the city. The area historically has experienced low-vacancy, and Axiometrics projects that number to remain steady through 2022.

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