Seattle, Washington (October 4, 2018) – Norris, Beggs & Simpson Financial Services Principal, Mike Wood, and Associate Finance Officer, Colin Ceithaml, have secured $20,960,000 in financing for Ivy Apartments in Seattle, Washington.
NBS Financial represented the borrower, Interbay Apts, LLC. Funding was provided by State Farm Life Insurance Company, a Life Company correspondent of NBS Financial. The fixed-rate, construction/perm loan financing was structured with a 12-year term and a 30-year amortization.
“The Borrower was a long-term holder and with the rising treasuries, wanted to take future interest rate risk off the table. State Farm’s construction/perm program allowed the Sponsor to lock the rate prior to construction which would then convert to a non-recourse permanent loan upon completion and stabilization,” explained Mike Wood. “The structure perfectly aligned with the Borrower’s goals and they fixed a rate in the mid 4% range during construction and for the perm loan period.”
When completed, Ivy Apartments will be a 93-unit residential community in the Interbay submarket of Seattle, Washington, located between Queen Anne and Magnolia neighborhoods. The building will be 82,965 sf over seven stories and include 47 parking stalls and 23 storage units. The property is located adjacent to the Interbay Athletic Complex and Golf Center. Construction is projected to begin November 2018.