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September 14, 2017

Bellingham rehab gets $4M loan

Los Angeles-based iBorrow has made a $4 million bridge loan to renovate the Granary Building on the waterfront in Bellingham. Harcourt Developments, of Dublin, is renovating the vacant 1928 structure that was once slated for demolition. It is part of the city's plan to redevelop 237 acres along the waterfront and eventually create 1.1 million square feet of office space, 2.2 million square feet of industrial space, 450 apartments, a 146-room hotel, 65,000 square feet of retail, and a gym and leisure center. Portions of the land were polluted by Georgia-Pacific's former pulp and paper mill. In a statement, iBorrow's Brian Good said the Granary Building “is a one-of-a-kind property with historic value” that will kick-start the entire development. Harcourt is doing the Granary Building and 18.8 acres first while the city looks for other development partners. The Granary Building will have 56,529 square feet of office space. RMI Architects of Belfast is the designer, and Harcourt is the builder.