The lender is Seattle-based HomeStreet Capital. The $14.9-million financing covers construction of the second phase and land development for the third phase. Phase II includes construction of 64 units in 13 buildings. Phase III will provide 60 additional units.
The Phase II townhouse-style buildings will be wood-frame with double-wall construction. Each will contain between two and six units and have a two-car garage. Floor coverings will include ceramic tile in the entrance area, Pergo-style wood in the kitchen, vinyl flooring in the bathrooms, and carpeting in the remainder of the living space.
The units will come in five floor plans and range in size from 1,060 to 1,828 sf. Of the 64 units, half will have two-bedrooms and half will have three-bedrooms. Units will be priced between $214,000 and $300,000, with 50% of the units priced under $225,000.
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