Fairfield Obtains $66M for WA Luxury Development
- Mar 02, 2018
Fairfield Residential has obtained a $66 million construction loan for the development of a new luxury apartment community in Redmond, Wash. Capital One Bank provided the funds, of which $22 million were syndicated to Associated Bank.
The luxury development will be located at 15810 Bear Creek Parkway, with immediate access to Redmond Way and its public transit stations, restaurants and shops. The Kaiser Permanente Redmond Medical Center is located across the street from the community and the downtown area is within walking distance, with Redmond Town Center and its plethora of shops.
Bear Creek will comprise 360 units equipped with luxury amenities such as quartz kitchen and bathroom countertops, designer fixtures, custom cabinetry and walk-in closets. Common amenities will include a fitness area, Wi-Fi lounge with co-working space, a clubroom and bicycle storage. Additionally, 36 of the units will constitute affordable housing, with an income restriction of no more than 60 percent of the area median income. The development will also include 1,716 square feet of retail space.
“Bear Creek is an easy walk to the stores and restaurants of Redmond Town Center, and lease-up should coincide with the opening of a new city park and the start of construction on a new commuter rail station just two blocks away,” said Cathy Janke, senior vice president at Capital One, in a prepared statement.
Janke worked on behalf of Fairfield Residential to obtain the 36-month adjustable-rate loan, which offers two possible 12-month extensions.
Image courtesy of Capital One