Andy Slaton, senior vice president, and John Holt, senior investment analyst, of Northmarq’s San Francisco Debt and Equity team arranged the $23.25 million refinance of Align Apartments, a 105-unit multifamily property located at 35434 25th Ave SW in Federal Way, Washington.
Northmarq canvassed the market on behalf of the borrower, St. Regis Properties, including life company and debt fund executions, and ultimately structured the transaction through its correspondent relationship with Voya Investment Management. The floating-rate bridge loan was structured with a four-year term, full-term interest-only payments and flexible prepayment.
Built in 1991 and renovated by the current ownership, Align Apartments consists of 11 three-story buildings totaling 107,448 square feet on 6.33 acres. The unit mix includes 63 two-bedroom and 42 three-bedroom units. Community amenities include a pool, fitness center, clubhouse, playground and dog park. Since acquiring the property in 2022, the sponsor has invested approximately $2.1 million in interior and exterior capital improvements.
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