The construction loan represents 82.2% of the total project cost, a source with lender Fremont Investment & Loan tells GlobeSt.com. The remaining 17.8% is all sponsor equity. Eugene, OR-based Spring Capital Group is W&K's equity partner for the project.
Fremont likely will begin funding the loan in March, when W&K is expected to have expended all of its equity. Andersen Construction is the general contractor. Excavation is currently under way. Delivery is scheduled for September 2008.
The exterior design for the proposed 937 Condominiums is based on fractal geometry, which is to say the smaller component parts are designed to look like reduced-size versions of the whole. Holst Architecture and Ankrom Moisen collaborated on the design.
The per-sf pricing for the units has not been finalized, W&K principal Geoff Wenker tells GlobeSt.com. Marketing is slated to begin in April. Fran Russo of Vertical Living Group LLC is the realtor for the project.
Approximately 50% of the units are corner units and the project is expected to achieve a LEED gold certification from the US Green Building Council. The project will have 11,000 sf of street-level retail.
The 937 project is W&K's second Pearl District condominium project. Wenker and his partner Patrick Kessi cut their teeth on the Thurman Lofts, a five-story, 16-unit project at 2538 N.W. Thurman St. The $3.2-million project sold out 14 months ago and was delivered in April.
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