Updated Dec 4, 2024
Fannie Mae Provides $17.84M Refinance Loan For Boxcar Apartments In Seattle's South Lake Union
975 John Street
$17,839,500
Units
135
Asset Type
MultiFamily
Closing
Jul 31, 2024
About this deal
AI
The property involved in the transaction is Boxcar Apartments, a multifamily asset located at 975 John Street in Seattle, WA. The building consists of 135 units and is situated in the South Lake Union area, which is recognized for its desirability in the real estate market. The transaction includes a refinance loan amounting to $17,839,500.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $17,839,500
- Loan Type: Refinance
- Lender: Fannie Mae
- Broker: Bob Spiro - NorthMarq
- Loan Date: 07/31/2024
- Number of Units: 135
- Interest Rate: 5.36%
- Loan Term: 5 years interest-only
The refinancing arrangement was managed by NorthMarq's Seattle Debt + Equity team, led by Bob Spiro, who facilitated the transaction with Fannie Mae to support the Boxcar Apartments asset.
Players
Seattle MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.89%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93