Viewcrest Capital funded marquee mixed used project in less than 24 hours and continues to fund soft costs.
-Viewcrest Capital evaluated and funded 2nd lien loan on a substantial multifamily project in less than 24 hours.
-Viewcrest Capital subsequently committed additional capital for its design and development.
-Property is situated on an L-shaped 75,309 square foot lot in the First Hill neighborhood of Seattle near the Paul Allen / Vulcan Inc. Yesler Terrace project.
-Proposed zoning change from predominately LR3 to NC3P-65 for entire project will lead to a development with 370 apartment units, 220 parking spaces and 12,000 commercial square footage.
Viewcrest Capital was approached by a distinguished developer who required additional capital within 24 hours to acquire prime property near the Paul Allen / Vulcan Inc. Yesler Terrace project. Recognizing the development’s potential value, Viewcrest Capital agreed to fund the loan as a 2nd lien in less than 24 hours. Viewcrest Capital subsequently agreed to provide additional funds for soft costs in connection with its master use permit application with the City of Seattle. The past and ongoing support will enable the rezoning of this 75,309 square foot development from predominately LR3 to wholly NC3P-65. This rezoning will result in a substantial increase in market rate apartment units and commercial space, ultimately increasing total project value and projected profit for the developer. The project is scheduled to be finished in late 2017.