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SEATTLE — Northmarq has arranged the $20.8 million cash-out refinancing of Carkeek Park Place Apartments in Seattle. Stuart Oswald of Northmarq’s Seattle office secured the 35-year, fixed-rate loan using the FHA 223(f) program through the firm’s in-house HUD/FHA division. The borrower is a multi-generational family business.
Carkeek Park Place is a five-story building offering 80 market-rate apartments and 15,430 square feet of ground-floor commercial space. The building is part of a larger commercial shopping center that includes a QFC grocery store, which was not part of the collateral, and strip retail space.