Updated Dec 4, 2024
Bob Spiro Of NorthMarq Secures $17.83M Refinance For Boxcar Apartments In Seattle
975 John Street
$17,839,500
Units
145
Asset Type
MultiFamily
Closing
Jul 29, 2024
About this deal
AI
The property involved in this transaction is the Boxcar Apartments, a multifamily asset located at 975 John Street in Seattle, WA. This property consists of 145 units and is part of Seattle’s Multifamily Tax Exemption Program. A refinancing loan amounting to $17,839,500 was arranged for this asset.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $17,839,500
- Loan Type: Refinance
- Market: Seattle, WA
- Units: 145
- Interest Rate: 5.36%
- Loan Term: Five-year interest-only
The refinancing was facilitated by Bob Spiro, representing NorthMarq's Seattle Debt + Equity team. The loan was secured through Fannie Mae, underscoring the collaboration between these entities in managing multifamily investments.
Players
Seattle MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Bob Spiro to view all their deals.
Browse Seattle multifamily loans on Traded.
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