Investor’s Real Estate Capital, Inc. has arranged construction financing for The Park 77 Apartments, a $40 million apartment development in Arlington, WA / North Snohomish County. The project is on 8.02 acres located roughly 40 miles North of Seattle and 18 miles north of the City of Everett and the Boeing manufacturing facility.
Dawn Jones of Investor’s Real Estate Capital, Inc. placed the loan in two phases through a national bank on behalf of the owner/developer, a partnership led by PARK 77 5J, LLC, a Washington Limited Liability Company. Ms. Jones was involved in the planning and budgeting with the architect, contractor and developer. She also worked with analysis, phasing plus lender equity and loan term negotiations for the project. Ms. Jones is currently working between the bank and the lender with review and delivery of bank required progress information plus analysis and accounting of draw payment requests.
The Park 77 Apartments includes 182 units and includes 17 three-story buildings, totaling 176,375.00 square feet, with an average size of 948 square feet. It is a family-friendly development with ones, two and three bedroom units. Park 77 features 33,064 Sq. Ft. of walking paths and sidewalks, common grass covered park areas, gazebo and BBQ stations. There is recreational playground equipment, and 325 Parking Spaces, including 100 covered spaces and a 33 Bicycle Rack plus 48 Wall Mounted bicycle Spaces and a pool area at 2,650 Sq. Ft. Additional amenities include an on-site enclosed dog area, 3,000+ Sq. Ft. community building including a lobby, management office, mechanical room, common kitchen area, fitness room, and two public restrooms. Units feature quartz countertops, stainless steel appliances, plank flooring, 9 foot ceilings and daylight cathedral ceilings in top floor units.
The property site is located adjacent to The Shoppes, a Safeway-anchored shopping center and is in close proximity to Downtown Arlington and Smokey Point. The Arlington Airport, one of the state’s premier general aviation airports is 2.4 miles or 7 minutes away.
The partnership has completed 70% of the project with 50% of the first 10 buildings occupied. Construction of the project began in late summer 2016 and ownership expects to deliver the community in late-2018.
182 Units Multifamily
$24,500,000 Projected stabilized value @ $47,870,000
Construction loan funded in two phases
65% loan to cost plus equity
Interest rate floating at margin + 30 day LIBOR
Monthly interest only payments based on draw amount