Updated Oct 28, 2024
Legacy Partners Secures $107M Construction Loan For 623-Unit Mixed-Use Property In Redmond, WA
7525 166th Avenue Northeast, Redmond, Washington 98052, United States
$107,000,000
$3,242/SF
Building Size
33,000 SF
Asset Type
Mixed-use
Closing
Oct 16, 2022
About this deal
AI
A construction loan of $107,000,000 has been secured for a mixed-use property located at 7525 166th Ave NE in Redmond, WA. The property spans approximately 33,000 square feet and consists of 623 units. The loan will be used for construction purposes.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $107,000,000
- Address: 7525 166th Ave NE, Redmond, WA
- Market: Redmond, WA
- Size: 33,000 square feet
- Units: 623
Legacy Partners, represented by Parker Nicholson & Lionstone Investments, acts as the landlord for this property and is involved in the loan transaction. The construction loan signifies the commitment to develop the mixed-use property and meet the needs of the market.
Players
Redmond Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93