JLL Capital Markets announced that it has secured a $32.26 million refinancing loan for Porch + Park, a 106-unit luxury apartment community in the heart of Downtown Redmond, Washington.
JLL represented the borrower, MainStreet Property Group LLC, in acquiring the floating-rate loan through First Citizens Bank.
Porch + Park is just minutes from the future Downtown Redmond Link Light Rail Extension and SR-520. Additionally, the complex benefits from close proximity to some of the world’s largest tech companies located in Redmond and Downtown Bellevue. A host of boutique retailers, restaurants, shops, office spaces and entertainment venues in downtown Redmond are only a five-minute walk from the community.
Located just 15 miles east of Seattle, Redmond boasts a well-educated and expanding population of high-earners, with the area serving as a hub for leading technology companies that are expected to generate thousands of new jobs in the community. The average household income within a five-mile radius of Porch + Park is north of $200,000 annually. As part of the offerings for residential developers, the City of Redmond provides a tax-exemption program through ARCH, requiring a percentage of units to be dedicated to affordable housing at 60% AMI, with the tax exemption specifically applicable to residential improvements.
Completed in 2022, Porch + Park is LEED Platinum certified, making it the highest quality in sustainability possible. Spanning over 0.66 acres, the podium style community offers studios, one-, two- and three-bedroom unit options, with an additional 9,178 square feet of retail. With the average size of 840 square feet, all units feature floor-to-ceiling windows, mini split ACs, eco-friendly showerheads, work from home nooks, stainless-steel appliances and luxury finishes. The community amenities include a rooftop deck, innovative park plus parking systems, a 20-hour gym with Tempo Mirror, row machines, yoga spaces and a boxing area.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Seth Heikkila and Director Steve Petrie.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
MainStreet Property Group is committed to developing exceptional places that delight customers and enhance communities, driven by innovation, sustainability and a unique perspective. Recognized as NAIOP Washington State’s Developer of the Year in 2019, the company’s impact on the Eastside includes revitalizing areas like Bothell, Kenmore, Redmond, Sammamish and Woodinville.
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™.
