CapNorth Arranges $57M Construction Financing For Multifamily Property On Portal Way

The multifamily property located at 6276 Portal Way in Ferndale, WA has recently undergone a closed transaction involving a construction financing loan. The property consists of 350 units and is owned by Grandview North. The loan amount for this transaction was $57,000,000 and was provided by an affiliate of Oceanview Life & Annuity Co and Bayview PACE. CapNorth acted as the broker in this deal.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $57,000,000
• Units: 350
• Lender: Affiliate of Oceanview Life & Annuity Co; & Bayview PACE
• Landlord: Grandview North
• Broker: CapNorth
• Loan Type: Construction financing

Under this transaction, an affiliate of Oceanview Life & Annuity Co and Bayview PACE provided a construction financing loan of $57,000,000 to Grandview North, the landlord of the multifamily property located at 6276 Portal Way. CapNorth played a crucial role in facilitating this deal as the broker.