SML Seattle Modern Living at Redondo, a proposed 7.89-acre mixed-use development in Redondo, Washington, recently received a $3.185 million refinancing loan. The lender, Kennedy Funding Financial, is a New Jersey-based commercial lending company that specializes in fast, flexible funding.
The future development site is located at 26195 Pacific Highway South in Redondo, an incorporated community in Des Moines. Currently, two parcels make up the property, one unoccupied 7.2-acre property, and one .69-acre property with a single-family residence on it, which will be demolished to make way for the project.
A mixed-use development has been preapproved for the site and includes plans for several large apartment and retail buildings as well as a 150-room hotel. Senior housing and affordable, or “market rate,” apartments will also be included in the development.
“Securing a loan on raw land is no easy feat, especially from traditional financing institutions who may automatically dismiss the application without reviewing the borrower’s plans for the site,” stated Kevin Wolfer, CEO of Kennedy Funding Financial. “Not only were we able to close, but we were able to do so quickly, so the group could immediately pay off their matured loan and get to the first construction phase.”
Construction is scheduled to break ground in September 2018.