Bob Spiro, the managing director of Northmarq’s Seattle Debt + Equity team, recently oversaw the refinancing of a Fannie Mae loan for Boxcar Apartments in Seattle. The property, located at 975 John St. in the South Lake Union neighborhood and built in 2014, consists of 145 units and participates in Seattle’s Multifamily Tax Exemption Program. This program grants a property tax break to borrowers who set aside 20% of their units as affordable housing.
Through Northmarq’s Fannie Mae DUS team, Spiro arranged a $17,839,500 permanent fixed-rate loan on behalf of the borrower. The transaction was structured with a five-year interest-only term at an interest rate of 5.36%.
According to Spiro: “Fannie Mae continues to offer top-quality financing options for apartments that meet our clients’ needs.”
