WOODINVILLE, REDMOND AND MOUNTLAKE TERRACE, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $173 million in construction and permanent financing for three mixed-use projects in suburban Seattle. Raymond Allen and Seth Heikkila of IPA’s Seattle office represented the borrowers in the transaction. The lender was not disclosed.
IPA arranged $66.2 million in construction financing for Eastrail Flats, a five-story mixed-use asset in the northern Seattle suburb of Woodinville. The five-year loan features a 31-month interest-only (IO) period, a 30-year amortization and 55 percent loan-to-cost ratio. Developed by MainStreet Property Group, Eastrail Flats offers 168 residential units and 16,700 square feet of ground-floor retail space. Eastrail Flats is set for completion in the spring of 2025.
IPA also arranged a $65.7 million construction loan for MainStreet Property Group’s The Spark. Set to deliver in the fall of 2024, The Spark is a 211-unit mixed-use development in Redmond, which is 15 miles east of Seattle. The Spark rises five stories and offers 13,000 square feet of retail space. The five-year loan features a 42-month IO period, two 12-month extension options and a 30-year amortization with a loan-to-cost ratio of 57 percent.
Lastly, IPA arranged $41.5 million in permanent financing for Terrace Station East, a six-story, 168-unit community with 16,700 square feet of ground-floor retail. The five-year permanent financing features a full-term IO period and 60 percent loan-to-value. The property was developed by Lake Union Partners and is located in Mountlake Terrace, which is 13 miles north of Seattle. Terrace Station East was built in 2022. Retail tenants include IRG Therapy, Little Kitchen Academy and Zeek’s Pizza.