Mixed-Use Gem in Seattle’s Hot Market
The Benaroya Company provided high loan-to-cost acquisition and construction financing that enabled the owner to develop the property without the need to find an equity partner. Three months after opening, the owner successfully sold the 154-unit, mixed-use Prescott Wallingford to TIAA-CREF.
“The Wallingford area has been a very attractive neighborhood for years,” said Jason Kelly of City of Seattle. “Stone Way—has redeveloped into neighborhood commercial buildings with walkable storefronts and apartments above- with Prescott Wallingford one of the first new buildings on the block.”
After a long process and assurances of their bank’s intentions to provide construction financing, Pollard Entities was about to lose control of the property in which it had invested 2 1/2 years and more than $1.3 million dollars. Their bank pulled out of the project due to the loan tightening which occurred globally during the economic downturn. We provided interim financing in order for Pollard to complete their entitlement process and then acquisition and construction financing to fund the development of a 154 apartment unit mixed-use project located in the neighborhood, just across Lake Union from downtown Seattle. Bob Watson of R.M. Watson Company who represented Pollard brought the opportunity to us because of our knowledge of the local market, our experience underwriting construction loans for multi-family/mixed use projects and our ability to respond quickly.
