The borrower has over 25 years of construction experience, building and remodeling homes in the Seattle/Puget Sound area. With 10 units total, the location and views are unmatched.
Providing $5,100,000 for construction financing, this transaction is an example of our lending capabilities. With many urban buyers now preferring a home with a great walkability index and access to public transportation over a home with an attached garage, the architect chose not to place garages where he could otherwise increase the living areas. While not having attached garages may be common for many of the new urban projects, in most cases, developers have found that banks are not comfortable with this new trend and cannot always differentiate between the nuances of a suburban project and that of a more progressive urban project.
Potential buyers are downtown city dwellers who don’t have a need for vehicles because they take advantage of Seattle’s state-of-the-art public transportation system.
Builders Capital continues to serve multifamily developers in desirable locations throughout Northwest.