MRC Provides $27M in Financing for Two Multifamily Developments in Metro Seattle


Located in Tacoma, the eight-story property will feature 144 apartments in a mix of studio, one- and two-bedroom layouts, a 116-stall parking garage and 5,917 square feet of ground-floor retail space.

SEATTLE and TACOMA, WASH. — Madison Realty Corp. has originated a $27 million first mortgage loan.

The financing will allow the undisclosed borrower to complete construction of an eight-story, 158,952-square-foot mixed-use rental building with 144 apartments and 5,917 square feet of ground-floor retail space in Tacoma. The property is already 65 percent complete and will be a key component of The Tacoma Town Center, a multi-purpose, mixed-use, urban development that will include multifamily, retail and office space.

Located in Tacoma’s Hilltop neighborhood, the mixed-use property will feature apartments on floors three through eight in a unit mix of 36 studios, 83 one-bedrooms and 25 two-bedrooms. A partially subterranean, 116-space parking garage will cover the three bottom floors with an entrance/exit along 23rd Street. A 1,000-square-foot amenity room will be located on the third floor.

Additionally, the borrower used the funding to refinance an existing land loan on a 9,878-square-foot development site in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site currently houses a vacant restaurant property and is entitled for a future condominium tower.

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