Madison Realty Capital, Red Cove Lend $132M for Seattle-Area Apartments Build
Commercial Observer reported that Madison Realty Capital provided a $97.5 million senior construction loan, alongside $34.4 million of mezzanine debt from Red Cove Capital, for Edmonds Green, a 411-unit multifamily development at 7212 220th Street SW in Edmonds, Washington, 15 miles north of Downtown Seattle. The project is being developed by a joint venture between the Behar Company and HB Management on a site the Behar Company has owned since 2005, adjacent to its existing three-building retail center. Twenty percent of units will be designated as income-restricted through the City of Edmonds’ Multifamily Housing Property Tax Exemption program, with the development offering studios through three-bedroom units in a supply-constrained, high-income submarket with direct access to Seattle, Bellevue, and the region’s aerospace and advanced manufacturing corridor.
