Northmarq’s Stuart Oswald and Russ Cree with Glacier Real Estate Finance have collaborated to arrange $50 million in construction take-out financing for The Verge Apartments in Auburn, WA. The loan was structured with a 10-year fixed-rate term and 30-year amortization. Loan proceeds retired construction debt and returned equity to the borrower, Pillar Properties, Teutsch Partners and other investors.
The Verge is a seven-story, 226-unit multifamily complex with 2,000 square feet of ground floor commercial space. Located in downtown Auburn, the project was built in 2021, and the developer took advantage of a tax exemption incentive offered by the city to develop zoned property in the downtown area.
Residences at the community feature high-end finishes including quartz countertops, stainless steel appliances and balconies while community amenities include a roof-top deck and a high-tech theatre. In addition, The Verge is within a short walk to Soundtransit’s Auburn Station, making it an excellent option for Downtown Seattle commuters.