$10,950,000 Secured for Construction of Seattle First Hill Mixed Use Apartment Development at University Street
The First Hill Neighborhood, named such because it is literally the first hill you encounter heading east from downtown Seattle toward Lake Washington, is a densely populated urban residential neighborhood with a suburban feel, vibrant community and close proximity to night-life and shopping. Located in walking distance to downtown Seattle and popular Capitol Hill destinations, the area has seen a recent influx of modern residential towers and medical offices while also at the center of Seattle Department of Transportations ‘Pavement to Parks’ project.
One such development coming to first hill comes from New Jersey based Cyzner Properties who, in conjunction with Group Architect of Seattle have secured the necessary approvals to begin construction on a 7-story mixed-use development on the triangular lot at the intersection of University and Union Streets and Boylston Ave. The mixed-use asset will include 36 residential units with balconies across 6 levels, 4,500 SF of ground-level retail with 14 below-grade parking spaces. The residences will include 24 one-bedroom units and 12 two bedroom units with estimated rents from $2,200 to $2,800 monthly. In addition, there will be a shared roof-top terrace with BBQ space and Cyzner properties has agreed to improve the adjacent small park / plaza that abuts the building with new lighting, better seating, modern landscaping and a designated bike path.
Cyzner properties, a valued client of Progress Capital Advisors, worked with David Cappello to secure financing for the construction period of the project. As such, Cappello was able to arrange 75% of the project cost, or $10,950,000, for construction to begin in August of 2017. The construction period of the loan is 24- Month interest only at 5.2% with an optional 6-month extension. Upon completion and stabilization of the building the loan will transition to a permanent mortgage buying out the construction line of credit and including the following key terms:
- FHLB + 3.25% Fixed for 5 Years
- 5 Year Term
- 25 Year Amortization
- 3-2-1 Prepayment
- 75% LTC
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress