$32.26M loan secured for luxury apartment community in Downtown Redmond

SEATTLE, Sept. 3., 2024 -  JLL Capital Markets announced today 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.

Situated at 16050 Cleveland St., 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.

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