| Work Detail |
Construction financing amounting to US$66.2 million has been secured from Principal Life Insurance for Eastrail Flats, a new multifamily project in Woodinville, Washington. MainStreet Property Group and HAL Real Estate Investments are behind the project. The partners bought the 4.3-acre construction site in late 2022. It has a $23 million valuation and was once known as the Woodgate Shopping Mall. This prepared the foundation for this endeavour. GenCap Construction Corp. has been assigned as the project’s general contractor, and Dahlin Group Architects is assisting with the project’s design. Additionally, the property will be managed by Insite Property Solutions, and construction is scheduled to start later this year. The five-year loan was arranged by Institutional Property Advisers, a branch of Marcus & Millichap, which provided a special deal with 31 months of interest-only payments and a 30-year amortization. The first phase of this development, the Eastrail Flats project, will provide 207 residential units to the neighbourhood. Furthermore, the second stage of the project will then see the building of 63 townhomes. Eastrail Flats will be situated at 13400 NE 175th Street. The property is located in the centre of Woodinville’s downtown, adjacent to Interstate 405 and approximately 20 miles from Seattle. It is also surrounded by a wide variety of shopping, dining, and entertainment options. |
