Seattle Funding Group provided the purchase money for a builder/developer on one parcel totaling 27,121 sq.ft., approximately 0.62 acres and is zoned NC1P-40. This property is an infill lot in the desirable and affordable neighborhood of Columbia City, Seattle, WA and is steps to the Columbia City light rail station. While the site enjoys great value for its size, location, site conditions, proximity to light rail and walkability to Columbia City Residential Urban Village, its value is significantly enhanced by its Master Use Permit (MUP) approval status for development of 92 apartment and live/work units. The property was contracted for purchase with the Seattle Housing Authority upon completion of the MUP. The developer needed to close before the final building permit was approved for construction. The property is being acquired by experienced developers/builders and prior SFG client, with over 30 successful loans over the past 3 year in Seattle, Bellevue, and Kirkland.The Borrower’s plans and exit strategy are to pay off the land acquisition financing with construction financing.
Value $3,760,000
LTV 40%
