IZO Capital Closes $47M Loan for Multifamily Development in Seattle
IZO Capital recently closed a $47 million stretch senior construction loan for Roosevelt Manor, a 137-unit Class A mixed-use multifamily development in Seattle’s Roosevelt neighborhood, located just steps from the Roosevelt Light Rail Station.
The financing will support the ground-up development of a transit-oriented residential community with ground-floor retail and a range of modern amenities. The site is roughly one mile from Green Lake, four blocks south of the Roosevelt light rail station, and three blocks from Interstate 5 on- and offramps.
The building will feature a unique interlocking twist design, offering both covered and uncovered courtyards. The project will be built with cross-laminated timber, and planned amenities include a roof deck, a dog walk area, in-unit washer and dryers and stainless steel appliances.
Construction is expected to start in 2025 with first move-ins scheduled for late 2026 or early 2027. The Roosevelt Manor development team includes Jenkins Properties, Euclid Development LLC, Public 47, and Sierra Construction.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout