West Seattle Community Gets $12M Refi

KeyBank originated the mortgage, which retires an $11.3 million Fannie Mae loan from 2013.
Element 42

Madison Development Group has taken out a $12 million refinancing package for Element 42, a 78-unit, Class B community in Seattle. KeyBank provided the Fannie Mae loan, according to King County records. The new mortgage replaces a 10-year, $11.3 million Fannie Mae note HomeStreet originated for the borrower in 2013, Yardi Matrix shows.

Located on 3 acres at 2641 42nd Ave. SW, the building was delivered in 2012. The unit mix has studio and one-bedroom floorplans ranging from 372 to 678 square feet. The amenity package includes 1,518 square feet of retail, a resident lounge, a fitness center and a rooftop terrace.

The community is next door to the Safeway-anchored Admiral Junction shopping center at the northern end of the Hiawatha Community Center. The property is 1 mile south of a water taxi terminal linking the area with downtown Seattle, less than 5 miles away.

In late June, KeyBank structured a $27.5 million loan for the acquisition and remodel of an 80-unit affordable senior community in Salt Lake City. Hampstead Development Partners purchased the asset from Key Property Management.