HB Management And Behar Company Secure $131.9 Million Loan For Edmonds Green Multifamily Development

The asset involved in this transaction is a multifamily property located at 7212 220th Street Southwest, Edmonds, WA. The development comprises 411 residential units and received a construction loan totaling $131.9 million. This loan consists of a $97.5 million portion from Madison Realty Capital and $34.4 million in mezzanine debt from Red Cove Capital. The project will feature two apartment buildings, with 20% of the units designated as income-restricted housing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $131,900,000
• Address: 7212 220th Street Southwest
• Market: Edmonds, WA
• Units: 411
• Lender: Samir Tejpaul - Madison Realty Capital; Red Cove Capital
• Landlord: HB Management; Behar Company
• Loan Type: Construction

The parties involved in this transaction include a joint venture between The Behar Company and HB Management, who are developing the Edmonds Green apartment project. Samir Tejpaul represented Madison Realty Capital in facilitating the construction loan, while Red Cove Capital contributed to the financing through mezzanine debt. The collaboration of these entities supports the construction of a significant residential development in the area.