Seattle Lake City Way

$4,500,000 Multifamily Loan from Debt Fund

City: Seattle, WA

Loan amount: $4,500,000

Lender type: Debt Fund

Property type: Multifamily

Size: 20 units/1 commercial office

Transaction description

Grady Seldin, Vice President at PSRS, arranged the financing of a $4.5 million construction loan in Seattle, WA. The funds will be used to convert an existing retail/warehouse into 20 multifamily units and 1 commercial office suite. Fully permitted and shovel ready, the deal was executed as a full-leverage loan provided by OneSource, represented by Principals John Hollingsworth and Keith Jacobs. An initial term of 18 months was provided on an interest-only basis.

PSRS met the borrower’s timing hurdles and specific budget requests for the developer. The specific combination of lender and borrower was a first-time relationship and PSRS worked diligently to ultimately strike a competitive deal for all parties involved.