HomeStreet Funds $35M for Mixed-Use Project

HomeStreet Funds $35M for Mixed-Use Project SEATTLE, WA - HomeStreet Capital, one of the Northwest's leading multifamily and commercial real estate lenders, has arranged $35 million in permanent financing for The Broadway Building, a Class A five-story mixed-use property. The property combines office, retail, residential space and student housing. Financing was arranged by Diane Leonidas through the Fannie Mae DUS® multifamily loan program. The developer is Hunters Capital, LLC, founded in 2001 by Michael J. Malone, a longtime Capitol Hill resident and property owner.

The property is well-situated on the edge of the Pike-Pine corridor on Capitol Hill, a vibrant, culturally rich and historic retail, dining and residential neighborhood adjacent to downtown Seattle. The building is 100 percent leased and has a waiting list for the apartments.

Residential space is comprised of 94 studio, one- and two-bedroom apartments, 75 market-rate and 19 rent-restricted affordable units under the "Seattle Homes Within Reach" program through the city of Seattle Office of Housing. The residential entrance features a common area lounge with a grand piano and an immense 18 by 37 foot painting by Dale Chihuly. Residential units have energy efficient washers and dryers, stainless steel appliances, granite counter tops, private decks or patios, and ceiling heights ranging from 9 to 14 feet. They also provide views of downtown Seattle or nearby Cal Anderson Park, named in 2009 as one of twelve 'America's Best City Parks' by Forbes.

The property also has a 28-unit student housing wing designated for international students attending Seattle Central Community College. The units house up to 79 residents with a range of sizes and floor plans. Each furnished unit has a private bathroom and kitchen. The student wing has its own separate entrance, elevator and lobby and includes study areas, storage and laundry facilities.

The ground and first floor levels are dedicated to retail and office space. Tenants include Panera Bread, GameStop, Genki Sushi, Yogurtland, Emerald City Smoothie, Cure wine shop and restaurant, and the Capitol Hill Chamber of Commerce.

The Broadway Building is part of the Built Smart and Built Green programs.

HomeStreet Capital, an affiliate of HomeStreet Bank, has been providing loans for multifamily and commercial real estate projects since 1921 and is one of the original lenders in the Fannie Mae DUS multifamily loan program since its inception in 1988.
Source: HomeStreet Capital

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