Seattle, WA – January 22, 2019 – CBRE Capital Markets’ Debt & Structured Finance team has secured long-term refinancing for the Cubix North Apartments, a brand new multifamily development with 108 living units and 3,380-square-feet (sq. ft.) of commercial space.
Jeff Henderson of Seattle’s CBRE office represented Daniel Stoner of 1008 Apartments, LLC, the borrower in the transaction, who was seeking to lock rate on permanent debt as soon as possible after the completion of construction. The $13 million loan is fixed for 10 years.
“Building the first modular micro-apartment project west of the Mississippi has been a fun and unique opportunity,” said Stoner, NexGen Housing Partners. “Jeff and CBRE found the right lender who was excited to be a part of this one-of-a-kind project; we couldn’t be happier with the results.”
“The borrower is a pioneer in creating thoughtful, innovative solutions to provide housing at a lower price point to our community, while maintaining high quality, functional units,” said Jeff Henderson of CBRE’s Debt and Structured Finance team. “We’re thankful he placed faith in CBRE’s ability to structure the best finance package for his unique goal.”
Completed in January 2019, Cubix North is a four-story, modular-constructed, micro apartment building in North Seattle. Located at 1008 N. 109th Street, the property sits near Highway-99, providing quick public and private transportation to Downtown Seattle, Northgate Mall, Green Lake, North Seattle College and more. The building includes a rooftop deck with barbecue and city views, storage units, bike storage, smart-phone enabled on-site laundry, two building-owned smart cars for exclusive tenant use and free bus passes. Unit amenities include generous natural lighting, microwaves, premium countertops, two-burner stoves and refrigerators.
North Seattle has traditionally been a lower-rent region; however, the rapid growth of Seattle’s in-city neighborhoods has pushed middle-income renters into the non-core portions of the city. The area historically has experienced low-vacancy, and Axiometrics projects that number to remain steady through 2022.
NexGen Housing Partners is a real estate development and management company with a mission to provide affordable workforce housing in up-and-coming Seattle neighborhoods. With over 20 years of experience, Parkstone develops, owns, leases and manages commercial and multifamily projects across the Pacific Northwest.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
