$13.26M Secured for Phase II Construction of Blakeley Commons

SEATTLE-Intracorp of Canada has secured $13.25 million in construction financing for the second phase of Blakeley Commons, a residential-over-retail development located northeast of University Village shopping center and adjacent the Burke Gilman Trail.

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.