Construction financing of US$66.2 million has been secured from Principal Life Insurance for Eastrail Flats, a new multifamily project in Woodinville, Washington.
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.
Overview of the Eastrail Flats Project in Woodinville
The first phase of this development, the Eastrail Flats project, will provide 207 residential units to the neighborhood. 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 center of Woodinville’s downtown, adjacent to Interstate 405 and approximately 20 miles from Seattle. It is also surrounded by various shopping, dining, and entertainment options.
Eastrail Flats will consist of a five-story structure with 24,000 square feet of ground-floor retail space. This space is leased to Birch Tree Academy for 50%. Further, a rooftop animal habitat, exercise center, lounge area, and pet washing station are just a few of the property’s many facilities.
Additionally, the project, which aims to receive LEED Platinum certification, will have 21 reasonably priced homes. The IPA team that facilitated the loan on behalf of the borrower was led by Senior Vice President Raymond Allen and Vice President Seth Heikkila.
The project team
MainStreet Property Group and HAL Real Estate Investments are behind the project. The partners bought the 4.3-acre construction site in late 2022. The site has a $23 million valuation and was once known as the Woodgate Shopping Mall. This prepared the foundation for this endeavor.
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.