Highly regarded developer held this fully entitled prime infill mixed use apartment site in trendy Seattle neighborhood of Ballard, free and clear. The site entitlements comprised of 106 apartment/condo units and 4,500 sq.ft. of retail space. Market value of the site is well in excess of $6 Million. Seattle Funding Group’s $2,760,000 first position loan gave a much needed capital injection to another 100+ unit site in Seattle, where a HUD construction loan was in place.
Our loan’s securing property holds exceptional marketability and would be in high demand should it be offered for sale. This is the second time this successful developer has turned to SFG to make a time sensitive deal happen….right on time.