The $5-million balance is a "forward commitment" that will take place upon completion of a 700-stall expansion of the facility, to be named Lot C.
MasterPark currently has two lots at the airport. Lot A is adjacent to the West Coast Sea-Tac Hotel at 18220 International Blvd., and Lot B lies at the corner of S. 170th and International. The financing is for lot C, which is to be constructed at 16025 International at the corner of 160th.
Sonnenblich-Eichner plans a new ground transportation center to be built across from the new MasterPark facilities. However, just a few weeks ago, in the wake of Sept. 11, the Seattle Port Authority had announced those plans have been scrapped. Elliott Eichner of Sonnenblich-Eichner tells GlobeSt he was unaware of the change.
"We closed the (MasterPark) deal at the end of August," says Eichner, explaining that the company had just decided to release the announcement -- unaware the transportation center had been mothballed.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
