SEATTLE, Sept. 3., 2024 - JLL Capital Markets announced today that it has secured a $32.26 million refinancing loan for Porch + Park, a 106-unit luxury apartment community in the heart of Downtown Redmond, Washington.
JLL represented the borrower, MainStreet Property Group LLC, in acquiring the floating-rate loan through First Citizens Bank.
Situated at 16050 Cleveland St., Porch + Park is just minutes from the future Downtown Redmond Link Light Rail Extension and SR-520. Additionally, the complex benefits from close proximity to some of the world's largest tech companies located in Redmond and Downtown Bellevue. A host of boutique retailers, restaurants, shops, office spaces and entertainment venues in downtown Redmond are only a five-minute walk from the community.
Located just 15 miles east of Seattle, Redmond boasts a well-educated and expanding population of high-earners, with the area serving as a hub for leading technology companies that are expected to generate thousands of new jobs in the community. The average household income within a five-mile radius of Porch + Park is north of $200,000 annually. As part of the offerings for residential developers, the City of Redmond provides a tax-exemption program through ARCH, requiring a percentage of units to be dedicated to affordable housing at 60% AMI, with the tax exemption specifically applicable to residential improvements.
Completed in 2022, Porch + Park is LEED Platinum certified, making it the highest quality in sustainability possible. Spanning over 0.66 acres, the podium style community offers studios, one-, two- and three-bedroom unit options, with an additional 9,178 square feet of retail. With the average size of 840 square feet, all units feature floor-to-ceiling windows, mini split ACs, eco-friendly showerheads, work from home nooks, stainless-steel appliances and luxury finishes. The community amenities include a rooftop deck, innovative park plus parking systems, a 20-hour gym with Tempo Mirror, row machines, yoga spaces and a boxing area.
JLL Capital Market's Debt Advisory team representing the borrower was led by Senior Director Seth Heikkila and Director Steve Petrie.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 03 September 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 03, 2024 at 20:57:29 UTC.
