This 6,800 sq. ft. mansion style home, built in 1910 on an oversized in city lot with partial views of Lake Washington, was recently purchased by JayMarc Homes for the purpose of redevelopment, at a price of $2.1million. Seattle Funding Group has worked with JayMarc Homes over the past few years and they have established a great presence and reputation in the community for building quality high-end homes on Mercer Island, Bellevue, Clyde Hill, Enatai, New Castle, and Issaquah, all premier Seattle area communities. The subject property is located on Mercer Island in the northwestern neighborhood known as East Seattle. This neighborhood is within a few blocks of the Downtown corridor of Mercer Island, has very convenient access to I-90 and is one of the most affluent sub markets in King County. JayMarc is working to redevelop the main property and carve off another buildable lot to build one spec home. There is also an additional separate tax parcel for immediate development. JayMarc also plans to remodel the existing mansion and place it back on the market. Currently on Mercer Island there is a very limited supply of new homes for sale and demand continues to rise.
LTV: 60%
