Legacy Partners JV Secures $107M for Washington Redevelopment
New York Life provided financing for the final phase of the project, which replaces a shopping center.
Eastmark Central. Rendering courtesy of Legacy Partners
Legacy Partners has secured $107.3 million in construction financing after recently starting construction on the second phase of its project to redevelop Redmond Square Shopping Center. New York Life Real Estate Investors provided the financing to Legacy Partners, along with its joint venture partner, Lionstone Investments, for the Eastmark Central project.
The joint venture broke ground on Eastmark Central last month and is expected to complete the community in the first quarter of 2025. The developers tapped Tiscareno Associates as the project’s architect of record, while Windsor Construction will serve as the general contractor and MFID Interiors as the interior designer.
Eastmark Central will be the second and final phase of the mixed-use project that redevelops the former shopping center. The six-story building will offer 312 units in studio, one-, two-bed and loft options that average 673 square feet. The community will also include a fitness center, gaming lounge, community clubroom, pet salon, coworking lounge and private meeting pods and bicycle parking. Beyond the amenities, Eastmark Central’s plans call for approximately 13,000 square feet of retail and commercial space.
Located on a 3.5-acre site at 16502 Cleveland St. in Redmond, Wash., the community will soon be next to SoundTransit’s Downtown Redmond Station that’s currently being constructed. The community’s location also gives residents a short walk to retail and restaurants in downtown Redmond and the area’s tech employers.
Phases under construction
Prior to Eastmark Central, the joint venture broke ground on the first phase, Eastmark Grand, a 311-unit community with nearly 20,000 square feet of ground-floor retail space. The joint venture broke ground on the first development in October 2021 and expects to deliver in the second quarter of 2024.
Nearby, Legacy Partners is also working on a 288-unit transit-oriented development in Bellevue, Wash. The firm partnered with New York Life Real Estate Investors in this case and recently landed a nearly $91.9 million construction loan from JPMorgan Chase for the project. Legacy Partners also previously worked with Tiscareno Associates on Triangle Apartments and Milehouse Apartments, both of which are in Redmond.
