$1.1+ Billion Waterfront Development

$1.1 Billion, Waterfront, Mixed Use Development and Master Planned Community – Ground-up Construction Loan:  990+ Residential Units plus Mixed Used Development consisting of a Hotel, Retail Space, Office, Market Hall, and an Event Center with over 1,000 Seats.

Challenge:

To finance ground-up construction on a $1.1+ Billion, waterfront, master planned community and mixed use development.  Currently, this unique development resides on 60+ acres of vacant land located in the Pacific Northwest; more specifically it is located in the beautiful State of Washington. 

Prior to contacting Assets America^® directly through our online website forms, the sponsor/borrower has been working on purchasing this special and unique waterfront property for nearly five (5) years and had been officially under a master development contract since August of 2023.  During that time, the developer was simultaneously trying to obtain financing while working on securing the entitlements together with a final recorded map.

While the developer has built numerous single-family residences (SFRs) and condominium projects over his lengthy 30+ year career, he had not previously built a project of this magnitude, nor had he ever bult a master planned community along with mixed use development — quite the financing challenge.

Solution:

Within only a month or so of mutual execution of our exclusive financing agreement, Assets America^® provided phenomenal terms via Assets America’s funding partner for the funding of both Phase-1 (118 for sale condo units) and Phase-2 (77 for sale condo units) totaling 195 for sale condominium units.  These first two phases are the first of many multimillion construction loan facilities which will subsequently be paid off as condo units are constructed and sold.  As a broker/lender, Assets America^® will close in its own name.

This is a large, 10-to-13-year, multi-phase development project.  The borrower/developer also exclusively contracted Assets America^® to fund the mixed use, commercial portion of the development which includes a hotel, retail spaces, a small amount of office space, a large market hall, and an event center with seating for over 1,000 persons. 

The city, the port, the borrower/developer, and the surrounding townspeople are all very excited to finally go vertical on this wonderful, very much needed, Pacific Northwest mixed use development project.