Northmarq’s San Francisco Debt and Equity team has arranged a $23.25 million refinancing for Align Apartments, a 105-unit multifamily community in Federal Way, Washington. The property, located at 35434 25th Ave SW, was refinanced on behalf of borrower St. Regis Properties.
Senior vice president Andy Slaton and senior investment analyst John Holt led the assignment for Northmarq. The team canvassed capital sources across the market, evaluating life company and debt fund options before finalizing execution with Voya Investment Management through Northmarq’s correspondent relationship.
The financing was structured as a floating-rate bridge loan with a four-year term. The loan features full-term interest-only payments and flexible prepayment provisions, providing the sponsor with additional flexibility during the hold period.
Align Apartments was originally built in 1991 and has been renovated under the current ownership. The garden-style community comprises 11 three-story buildings totaling 107,448 square feet on a 6.33-acre site. The unit mix includes 63 two-bedroom residences and 42 three-bedroom residences.
Community amenities at the property include a swimming pool, fitness center, clubhouse, playground and dog park. Since acquiring Align Apartments in 2022, St. Regis Properties has invested approximately $2.1 million in interior and exterior capital improvements, supporting the property’s competitive position within the local multifamily market.
The new loan structure, combined with recent renovation work and the larger unit mix, positions the sponsor with updated capital and physical plans for the asset as it continues to operate in the Federal Way multifamily segment.
