$107M Secured for Phase Two of Mixed-Use Development Near Seattle

REDMOND, WA – Privately-held national real estate firm Legacy Partners and real estate investment firm Lionstone Investments have obtained a $107.3 million construction loan for the second phase of the Redmond Square Shopping Center redevelopment in downtown Redmond, WA.

The project’s first phase, Eastmark Grand, broke ground in October 2021 and will be delivered in Q2 of 2024, and the project’s second phase, Eastmark Central, recently broke ground on September 28, 2022 and will be delivered in Q1 of 2025.

The construction loan for Eastmark Central was arranged by New York Life Real Estate Investors.

The two-building, mixed-use development comprises 623 residences across six stories and 3.5 acres of land.

Located at 16595 Redmond Way, Eastmark Grand will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. The units feature luxury bathroom finishes and chef-inspired kitchens with Bertazzoni and Kitchen Aid appliance packages, kitchen range hoods and 3cm Carrera quartz countertops.

Located at 16502 Cleveland St., Eastmark Central will offer 312 residences and 13,000 square feet of retail and commercial space.

Residents will have access to an on-site yoga studio and fitness center, a clubhouse, a pet salon, co-working and breakout workspaces and a high-tech audio listening room. The two buildings will be connected via a pedestrian walkway, and the development will be surrounded by green space and more than 600 indoor and outdoor parking spaces and bike stalls.

“The Eastmark redevelopment is in a highly interconnected submarket of downtown Redmond,” says Parker Nicholson, senior managing partner at Legacy Partners. “Eastmark’s residents will enjoy the project’s adjacency to SoundTransit’s Downtown Redmond Station – now under construction – as well as to a myriad of quaint shops, restaurants and high-tech employers located within a short walk of the site in Downtown Redmond and the Redmond Town Center.”

“We are pleased to close on this loan with Legacy Partners and Lionstone Investments,” states James Nearon, senior director in New York Life Real Estate Investors’ structured lending team. “This financing highlights our commitment to provide ground-up construction financing for top tier projects and sponsors.”

Nicholson adds, “This community is unlike anything we’ve ever built, in terms of its finishes. We used the highest quality interior design features to create the perfect blend of urban and suburban, complemented by a convenient transit-oriented lifestyle and modern residential amenities.”

The project’s architect of record is Tiscareno Associates. Legacy Partners and are Tiscareno Associates are also partnering on the development and design of the nearby Redmond’s Triange Apartments and Milehouse Apartments.