The lender is Seattle-based HomeStreet Capital. The $14.9-million financing covers construction of the second phase and land development for the third phase. Phase II includes construction of 64 units in 13 buildings. Phase III will provide 60 additional units.
The Phase II townhouse-style buildings will be wood-frame with double-wall construction. Each will contain between two and six units and have a two-car garage. Floor coverings will include ceramic tile in the entrance area, Pergo-style wood in the kitchen, vinyl flooring in the bathrooms, and carpeting in the remainder of the living space.
The units will come in five floor plans and range in size from 1,060 to 1,828 sf. Of the 64 units, half will have two-bedrooms and half will have three-bedrooms. Units will be priced between $214,000 and $300,000, with 50% of the units priced under $225,000.
Seiler Architecture is the project designer and the construction contractor is Windsor Construction, Inc. Financing was arranged by Lucy Linn McKie, Vice President and Manager of HomeStreet's Bellevue office. The official borrower is Derus Wakefield I LLC.
Derus Development, a 14-year-old firm, focuses on townhomes and flats priced for entry level homebuyers. They have completed 12 projects totaling 638 units in the Eastside communities of Renton, Bellevue, Redmond, Juanita, Issaquah and Sammamish.
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