September 6, 2019
Greenwich, CT-based Knighthead Funding LLC originated two separate loans totaling $29.85 million in first mortgage debt, secured by a micro-unit rental property in the Roosevelt neighborhood and a student housing property located near the University of Washington in Seattle.
In the larger of the two financings, Knighthead provided an affiliate of Barcelo Homes with a $25.25-million loan secured by a 178-unit micro studio apartment project (pictured) near the new Roosevelt light rail. The financing takes out the existing construction loan and provides the runway needed to lease the property.
Knighthead also provided Vekst Development with a $4.6-million loan secured by a new 28-unit studio apartment development located near the University of Washington. The financing will allow the sponsor to complete a rooftop deck and punch list items on the newly-constructed four-story building.
JLL’s Zack Goodwin, Drew Heitstuman, and Jake Wisness arranged the deal.
For comments, questions or concerns, please contact Dennis Kaiser