Seattle-based HomeStreet Capital provided the financing for the second phase of the condominium development. HomeStreet declined to release the rate on the short-term construction loan.
The first phase, financed by Key Bank, consisted of a four-story building with 45 housing units and ground floor retail. The second phase will add 61 units in a similar four-story building and bring the total of retail space to 8,400 sf. The project also includes a two-level underground garage.
The property has views of Mount Rainier, Union Bay, and the University of Washington's Husky Stadium to the south. The neighborhood is made up of detached single family dwellings and has very few condominium options available. The average home price in the area is $400,000, with a range of $160,000 to $3,000,000.
The borrower and general contractor for the project is officially Blakeley Village LLC, a Washington limited liability company. Intracorp is a Canadian owned residential developer that builds high-end residential projects in Toronto, Calgary, Vancouver and Seattle. The project designer is Driscoll Architects.
Financing was arranged by Lucy Linn McKie, vice president and manager of HomeStreet's Bellevue, Washington office. HomeStreet has been providing loans for multifamily and commercial real estate projects in the Pacific Northwest since 1921.
Blakeley Commons isn't the only new residential development around University Village. Several blocks north of the shopping center, Lorig Associates is awaiting building permits for the redevelopment of the longtime Saxe Floral site The $7.5-million project will include a 33-unit apartment building with 2,000 sf of ground-floor retail as well as 32 for-sale townhome units in eight three-story buildings.
Next door, the site of the longstanding Varsity Inn restaurant is being redeveloped into another residential-over-retail project. As with Saxe Floral and its site, the Varsity Inn will reopen on the ground floor of the new building. Another block or two down the street, the owners of Elliot Bay Bookstore in Downtown Seattle have taken over the former Puget Consumers Coop location and turned it into a cafe and bookstore.
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