The group of 10 investors obtained a three-year, floating rate loan from HomeStreet Bank for more than the purchase price and plan to spend close to $1 million upgrading the common areas and completing unfinished units before marketing them for sale at rates expected to be in the $250- to 300-per-sf range. The building contains a mix of one and two bedroom units ranging in size from 662 sf to 1692 sf.
Legends was developed in the late 1990s by Crossings Development Corp. at a cost of close to $20 million. Capital Consultants provided the construction loan and ultimately took possession of the 50 unsold units in lieu of loan payments. Capital Consultants, which was shut down by the federal government, never did anything with the units before its assets were placed in receivership for liquidation. That was the fall of 2000. The sale of the unsold units closed late last week.
None of the principals of SeaMark involved in the acquisition were available for comment on Monday.
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