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Condo Developer Buys Downtown Site

BELLEVUE, WA-Tonsing Properties and equity partner ProNet Capital close on a one-acre property upon which it plans to develop a 12-story condominium tower.

By Brian K. Miller | Updated on August 29, 2007

(Read more on the multifamily market.)

BELLEVUE, WA-The would-be developers of a 12-story condominium tower here have closed on the land for the 242-unit project. Tonsing Properties LLC and its equity partner ProNet Capital LLC paid about $8 million for the one-acre site at 111th Ave. Northeast and Northeast 8th Avenue, across from a major office, retail and condominium development called the Bravern.

The transaction was financed with a $10-million acquisition and predevelopment loan from San Francisco-based Pacific National Bank of California. Tonsing CEO Raymond Tonsing tells GlobeSt.com that the total project cost is estimated at approximately $75 million and that gross revenue from unit sales should be “well over $100 million.”

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