January 16, 2020
New York-based Madison Realty Capital originated a $27 million first mortgage loan collateralized by a multifamily project under construction at the NE corner of Jefferson Ave and 23rd S Street in Tacoma, and a development site at 2300 8th Ave. in Seattle. In addition, the loan was collateralized by investment properties in Bellevue.
The financing allows the unnamed borrower to complete construction on a planned eight-story, 158,952-square-foot mixed-use rental building with 144 apartment units and 5,917 square feet of ground-floor retail in the emerging Tacoma market. The Hilltop neighborhood property is already 65% completed and will be a key component of The Tacoma Town Center, a multi-phase mixed-use urban development.
The borrower also used the funding to refinance an existing land loan on a 9,878-square-foot development site located in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site is currently improved by a vacant restaurant building, and entitled for a future luxury condominium tower.
Madison’s Bradley Ross originated the financing.
For comments, questions or concerns, please contact Dennis Kaiser