The group of 10 investors obtained a three-year, floating rateloan from HomeStreet Bank for more than the purchase price and planto spend close to $1 million upgrading the common areas andcompleting unfinished units before marketing them for sale at ratesexpected to be in the $250- to 300-per-sf range. The buildingcontains a mix of one and two bedroom units ranging in size from662 sf to 1692 sf.

Legends was developed in the late 1990s by Crossings DevelopmentCorp. at a cost of close to $20 million. Capital Consultantsprovided the construction loan and ultimately took possession ofthe 50 unsold units in lieu of loan payments. Capital Consultants,which was shut down by the federal government, never did anythingwith the units before its assets were placed in receivership forliquidation. That was the fall of 2000. The sale of the unsoldunits closed late last week.

None of the principals of SeaMark involved in the acquisitionwere available for comment on Monday.

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