A private investor has received $26.8 million in construction financing for Union Bay Place, a 98-unit multifamily development in Seattle. State Farm provided the loan, according to King County records. Barrientos Ryan will develop the project, which is expected to come online in the first quarter of 2021.
The half-acre site is made up of three parcels at 4550, 4554 and 4600 Union Bay Place NE. The developer is collaborating with the land’s owner to rezone the parcels for multifamily development. The existing structures will be demolished to make room for a five-story building designed by Runberg Architecture Group, according to plans filed with the city. The community will have a 2,000-square-foot retail component, 9,000 square feet of amenities and between 60 and 65 parking spaces.
The site is close to Seattle Children’s Hospital and 5 miles northeast of the city center. Additionally, the property is near the 400,000-square-foot University Village shopping center and a short distance from the University of Washington’s campus.
In August, Landmark Properties broke ground on its largest student housing community to date, The Standard at Seattle, a 1,545-bedroom development within walking distance of the University of Washington. The project is slated for completion in 2023.