Purchase for development of 97 units apartment building
Seattle Funding Group provided the purchase money for a builder/developer on a site totaling 29,868 sq.ft. (0.77 acres) and is zoned NC1P-40. This property is an infill lot in the desirable and affordable neighborhood of Columbia City, Seattle, WA and is steps to the Columbia City light rail station. While the site enjoys great value for its size, location, site conditions, proximity to light rail and walkability to Columbia City Residential Urban Village, its value is significantly enhanced by its Master Use Permit (MUP) approval status for development of 97 apartment including 2 live/work units, 9,000 sq ft of ground floor retail and below grade parking for 76 parking spaces. The property was contracted for purchase with the Seattle Housing Authority upon completion of the MUP. The developer needed to close before the final building permit was approved for construction. The property is being acquired by an experienced developer/builder and prior SFG client, with over 30 million in successful loans over the past 6 years in Seattle, Bellevue, and Kirkland, WA. The Borrower’s plan and exit strategy is to pay off the land acquisition financing with construction financing or sell the project to another developer.