Our borrower, a international investor purchased this commercial property in the downtown Seattle neighborhood known as Belltown. This is a high demand area as it is walkable (Walk Score of 97) to the CBD of Seattle and is home to many restaurant and nightlife options. The commercial property is zoned mixed use and allows multifamily over retail. It is currently 100% leased and provides current income while the borrower considers their redevelopment options. The most likely scenario is to build 60 apartments over ground level retail. The borrower is an experienced Canadian developer and this is their first purchase in the United States. For international investors, hard money lenders are often their best option to receive financing on residential or commercial properties, especially when the investors are just getting started in the United States.
Purchase price $4,525,000
Loan to Purchase Price: 44%