SEATTLE — Knighthead Funding has originated two separate loans totaling $29.8 million in first mortgage debt structured by a micro-unit apartment asset and a student housing property in Seattle.
In the first financing, Knighthead provided an affiliate of Barcelo Homes with a $25.2 million loan secured by a 178-unit micro studio apartment project in Seattle’s Roosevelt neighborhood. Community amenities include a courtyard, lounge, fitness center, rooftop deck, bike storage, common laundry area and controlled access entry. The financing takes out the existing construction loan.
Additionally, Knighthead provided a $4.6 million loan to Vekst Development. The loan was secured by a new 28-unit studio apartment development located four blocks from the University of Washington. The financing will allow the sponsor to complete a rooftop deck and list items on the newly constructed four-story building.