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September 12, 2019

Conn. lender backs 2 local firms with $30M

Knighthead Funding of Greenwich, Connecticut, announced two separate first mortgage loans worth almost $30 million to a pair of local developers.

For Vekst Development's new four-story Nors, at 5253 15th Ave. N.E. in Seattle, Knighthead loaned $4.6 million to complete the deck and minor punch list items. That project, with 28 SEDUs (small efficiency dwelling units), was designed by KOArchitecture and is being built by H. Armond Enterprises. And for Rise on 67th, at 829 N.E. 67th St. in Seattle, Knighthead provided over $25.5 million to pay off the construction loan and bridge the project through lease-up. That six-story, 178-unit congregate was recently completed by Barcelo Homes after beginning with Jim Potter of Footprint. Skidmore Janette was the architect, and Barcelo apparently built it.

Knighthead's Henry Boeckmann said of the projects, “Each property's proximity to the University of Washington, the light rail and all necessary amenities make both attractive housing options for tenants.” The lender has now backed three Seattle projects in the last nine months.

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