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SEATAC, WA-Los Angeles-based Sonnenblick-Eichner Co. announced today it has completed arrangements for a $15-million financing for MasterPark, a 1,000-stall parking garage directly across from Seattle-Tacoma International Airport. Sonnenblick-Eichner says the agreement calls for immediate funding of $10 million.

The $5-million balance is a “forward commitment” that will take place upon completion of a 700-stall expansion of the facility, to be named Lot C.

MasterPark currently has two lots at the airport. Lot A is adjacent to the West Coast Sea-Tac Hotel at 18220 International Blvd., and Lot B lies at the corner of S. 170th and International. The financing is for lot C, which is to be constructed at 16025 International at the corner of 160th.

Sonnenblich-Eichner plans a new ground transportation center to be built across from the new MasterPark facilities. However, just a few weeks ago, in the wake of Sept. 11, the Seattle Port Authority had announced those plans have been scrapped. Elliott Eichner of Sonnenblich-Eichner tells GlobeSt he was unaware of the change.

“We closed the (MasterPark) deal at the end of August,” says Eichner, explaining that the company had just decided to release the announcement — unaware the transportation center had been mothballed.

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