BELLEVUE, WA—Ron Peterson, senior vice president/managing director of NorthMarq Capital's Seattle based regional office has arranged a refinance for $27 million for 12 Central Apartments, a 204-unit garden style conventional market multifamily property located at 10290 NE 12th St., Bellevue.
Financing for the transaction was structured with a 10-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.
Freddie Mac refinanced one of their existing loans for a property with a 50-yard line location in Bellevue where the LTV was very low. Freddie locked the rate early and funded five months later so the borrower did not have a prepayment penalty.
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