Renovation of two condo units located on the Kirkland, Washington shoreline. Kirkland is ideally located with easy access to Redmond, Bellevue, and downtown Seattle. The name “Kirkland” has been adopted by Costco as the brand name for their own label products. Costco is a Seattle based company.
These units sit directly on the shore of Lake Washington with unobstructed Western views towards Seattle. There is a reason this is known as the “Gold Coast.” The entire complex is built over the water which makes this location irreplaceable under today’s more restrictive building codes. The investor is completing a light renovation to freshen the units up and will hold these units as long term rentals. Both units should command rental rates at the higher end of the market given the waterfront location and Western views. This is another perfect example of a repeat investor who has effectively utilized SFG’s capital for a “value add” real estate transaction. Once these units are leased up, a traditional longer term refinance should not only be possible, but easily obtained.