Transaction Overview
George Smith Partners successfully arranged a $32.65MM stretch senior construction loan for the ground-up development of Fremont West, a 5-story, 105-unit mixed-use multifamily building with 4,264 SF of ground-floor retail located in Seattle's Fremont neighborhood. The building features a mix of market-rate studios, 1-bedrooms, 2-bedrooms, and MFTE-affordable units, qualifying the project for a 24-year property tax abatement through Seattle's Multifamily Tax Exemption program, comprised of an initial 12-year term plus an additional 12-year extension under Seattle's recently adopted MFTE ordinance.
GSP arranged 79% LTC stretch senior financing through an institutional debt fund. The lender was drawn to the strength of the sponsorship, the MFTE abatement providing a meaningful long-term competitive cost advantage, and the Sponsor's demonstrated track record of successful ground-up delivery in the same neighborhood.
