As the Juniper Capital motto states, “We fund tomorrow, today.” The statement is particularly apt for this recent Bellevue loan involving four downtown adjacent parcels separate, highly desirable investment locations. The neighborhood is flourishing and growing.
The borrowers/guarantors borrowed $5,000,000 in a 1st lien deed of trust mortgage to payoff their seller financing on 4 adjacent downtown Bellevue parcels totaling 31,257 square feet. They paid $8,549,900 for the parcels in 2011 & 2012. There are 5 tenants on the property that pay a total monthly NNN rent of $23,240.75.
The Guarantors purchased two additional lots adjacent to the subject property in 2014 for $15,000,000. These lots have the same total square footage, zoning and height limits as the subject property lots. The Guarantors have stated that they plan on developing at least one of the sites on their own or in a Joint Venture.
The best use of the property would be a new residential development with 18-19 floors and ground level retail space. The properties are zoned Downtown Mixed-Use (DNTN-MU), and there is a 200 foot height limit for residential use and a 100 foot height limit for non-residential use.
Juniper Capital funded $5 million at an attractive/reasonable interest rate for this prime real estate and business investment opportunity. As a leading private money lender to the Pacific Northwest, Juniper Capital produces fast, reasonable, secure real estate loans that enable investors to close quickly on commercial or residential property investments. Close quickly on your property investments with peace-of-mind at Juniper Capital. Timing is everything.