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430-Unit Apartment Complex Under Way

AUBURN, WA-Cobalt Properties of Seattle is developing Terrace View Apartments, a garden-style development here on 49 acres. Site work began in January. The estimated completion date is June 2006.

By Brian K. Miller | Updated on May 16, 2005

AUBURN, WA-Cobalt Properties is developing Terrace View Apartments, a 430-unit complex here on 49 acres at 231 South 177th Pl. Site work began in January. The estimated completion date is June 2006.The project is being financed with $39.8 million through an FHA-Insured 221 (d)(4) loan program. KeyBank Real Estate Capital, which provided the funds, says it is the largest multifamily project endorsed to date by HUD’s Seattle office.KeyBank Real Estate Capital’s director of FHA lending Gary Alex tells GlobeSt.com the single loan product covers acquisition and construction and converts to a 40-year, fully amortizing permanent loan when the community is completed and stabilized.The financing covers about 89% of the total development cost. A principal with Seattle-based Cobalt was not available Monday morning for further comment. Cobalt’s website, which is still under construction, provides no detail on the company, only contact information. A subsidiary of Cleveland-based KeyCorp., KeyBank Real Estate Capital is the nation’s third-largest commercial real estate capital provider with approximately $18 billion in annual financings. It has been originating more mortgages insured by the US Federal Housing Administration (FHA) and United States Department of Agriculture (USDA) since its 2004 acquisition of Georgia-based American Capital Resource Inc., which specializes in the origination and servicing of multifamily, seniors housing and healthcare property mortgages insured by the FHA and USDA.

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