Deal: Core 83 Apartments
Location: Redmond, WA
Collateral: 120-unit multifamily building with state-of-the-art amenities and subterranean parking. The property has a small affordable housing component as well.
Type: Perm-Fixed, Take-Out
Purpose: The borrower was looking to pay off their construction loan prior to substantial completion and stabilization of the project. One of our life companies funded upon completion with a minor leasing requirement.