Madison Realty Capital Provides $98M Construction Loan for WA Residential Project
Madison Realty Capital has originated a $97.5 million construction loan to fund development of Edmonds Green, a 411-unit multifamily community located at 7212 220th Street SW in Edmonds, Washington.
The project, a development of The Behar Company and HB Management, will include 10,500 square feet of ground-floor retail space. The loan is part of a total construction financing package of $131.9 million, inclusive of a $34.4 million mezzanine loan provided by Red Cove Capital. Samir Tejpaul, Head of Investments at Madison Realty Capital, led the transaction for Madison.
Edmonds Green will contain two residential buildings with a mix of studio, one-, two- and three-bedroom units. The development will also include 82 income-restricted apartments, representing 20% of the total units, through the City of Edmonds’ Multifamily Housing Property Tax Exemption program.
Exxel Pacific will serve as the general contractor. Construction is expected to be completed in the third quarter of 2029.
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