First Citizens Bank Arranges $65.7M in Development Financing for Sparks Apartments in Redmond, Washington

by Amy Works

REDMOND, WASH. — First Citizens Bank’s real estate finance group has arranged $65.7 million in financing for MainStreet Property Group to develop The Spark Apartments, a Class A multifamily project in Redmond.

The asset will feature 211 units spread across two buildings divided by a public urban forest and connected by a sky bridge. Apartments will feature quartz countertops, stainless steel appliances, washers/dryers, air conditioning, and patios or balconies on 50 percent of the units. Community amenities will include an automated package room with contactless delivery, communal kitchen, food garden, mediation room, artist studio and fitness center.

The property is being constructed using low-carbon concrete and will feature a rooftop solar system and carsharing partnership that will offset the building’s carbon footprint.

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