$19M construction loan fuels 92 First Hill units

Broadmark announced the recent provision of a $19.3 million construction loan for a 92-unit apartment project on First Hill. Kamiak Real Estate is the borrower and developer for what’s apparently dubbed Sound Flats, at 157 12th Ave., where construction is now underway with all permits in place.

The funding was among a trio of recent construction loans worth nearly $49 million; the other two were for separate projects in Colorado. The largest was in the premium market of Vail, with $25.7 million for a 10-unit townhouse project.

Broadmark’s Jeff Pyatt said in a statement, “We are seeing sustained and robust demand in the nation’s housing market. With a healthy pipeline of new projects on the horizon, Broadmark continues to provide flexibility to well-capitalized borrowers and help them see their business plans through to completion.”

The Kamiak project is a little east of Yesler Terrace. Workshop AD designed the eight-story project, which apparently replaced an old house. The midblock site is immediately south of Plymouth Housing’s 100-unit redevelopment of the former St. Francis House, aka 12th & Spruce, which is also now underway.

Kamiak’s team also includes Synergy Construction, general contractor; Karen Kiest Landscape Architects; PacLand, civil engineer; PanGeo, geotechnical; PLS, surveyor; Swenson Say Faget, structural engineer; Lair Design, interiors; Certa Building Solutions, envelope; AES, electrical; HVE, mechanical; and Henry Jackson-Spieker, art curator.

About one-third of the units will be SEDUs (small efficiency dwelling units), with the rest a little larger. No parking is included in the project, but a bike room will have 83 stalls. The site is about a block north of the streetcar line on East Yesler Way.

Sound Flats will include about 1,700 square feet of retail/commercial space. That plus a roof deck and amenity areas contributes to a total project size of about 43,000 square feet. The Mandatory Housing Affordability fee works out to around $941,000. Kamiak assembled the site a few years ago for almost $2.2 million.

The developer hopes to complete the project in the first quarter of 2023, and to meet Built Green 4-Star certification.


Sound Flats

 

IMAGE CREDITS

Bogza

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