Repeat borrower and experienced developer in the King/Snohomish County Metro area approached SFG once again for financing to complete phase two and begin phase three of new condo flat construction in Mukilteo. Phase two contained 11 completed condo townhomes and phase three will be 16 condo flats. The construction completion loan was used to pay off the bank loan and provide additional funds to complete and sell the remaining luxury view units.
These units boast westerly views looking over the Puget Sound and Whidbey Island. The subject property has easy access into downtown Mukilteo and the ferry terminal, as well as Paine Field Airport. The borrower plans to develop, market and sell the final phase of the project with expected listing prices in the $1.25M – $1.50M range.
SFG is now slated to start construction on the third phase of the development to build out the final luxury flats.