REDMOND, WA – Lowe, a national real estate developer, investor and manager, announced that is has begun construction of The Talisman, a 286-unit, multifamily property at the 1.2 million square foot Redmond Town Center mixed-use development in Redmond, Washington. The six-tale Talisman will anchor the lifestyle center, blending residential with retail and increasing the area’s walkability with 9,400 square feet of ground floor specialty retail shops to enhance the existing retailers at the Town Center.

Drawing on Lowe’s strong background in hospitality operations and development, The Talisman features upscale, industrial-inspired architecture that will seamlessly integrate into the vibrant Redmond Town Center environment. The Talisman’s mix of one- and two-bedroom flats and lofts blends modern urban design with comfortable floorplans and warm finishes, ideal for technology workers who populate the area. Residents will experience outstanding service with an on-site concierge and convenient community amenities and common areas for organized programs and informal gatherings.

“With The Talisman, we are bringing modern rental residences to a well loved and thriving district with a vast variety of shopping and dining options, as well as major employers. It is also convenient to other area business hubs including downtown Seattle,” said Suzi Morris, senior vice president, Lowe.

Redmond is situated 15 miles northeast of downtown Seattle, just minutes from Microsoft’s world headquarters and surrounded by leading software, technology research and aerospace companies. The Talisman places residents in a bustling, energetic neighborhood close to public transit for an simple commute to work. The Microsoft Connector shuttle bus will stop right across the street from the building. The Overlake Light Rail Station will start transporting professionals to their offices throughout the region in 2023, with a plotted extension to downtown Redmond by 2024. For vehicles, there is brilliant access to Highways 520 and 202.

Lowe bought the 1.6-acre site at 7405 168th Ave NE in 2015. In addition to retail, The Talisman features much-desired green space with its proximity to the Sammamish River Trail and Downtown Park. Redmond Town Center is also a premier business location with six office buildings and approximately 582,375 square feet occupied by Microsoft and AT&T, offering employees a chance to live, shop and unwind right by their work.

The Talisman is Lowe’s latest addition to its growing portfolio of dynamic mixed-use developments in sought-after locations. The project team includes Lowe as developer, Compass Construction as general contractor, Encore Architects for building design, Ankrom Moisan for interior design, Communita Atelier for landscape design, KPFF as Civil Engineer and BCQ as structural engineer. Greystar will serve as property manager. Tracy Cornell and Aaron Bennett of JSH will handle retail leasing. Construction started on August 1 and is anticipated to be completed in late summer 2019.

Lowe’s activities in the Pacific Northwest date back to the firm’s development of the Klahanie master-plotted community in the 1980s and 1990s. Since then, Lowe has made numerous commercial and hospitality property acquisitions in the Seattle area, most recently completing development of the highly successful LUMA condominium building in Seattle’s First Hill neighborhood.

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RENTON, WA – Terra Capital Partners announced the closing of a preferred equity investment for SECO Development’s corporate reorganization of the Bristol I Apartments in Renton, WA. Terra, a New York based income fund manager, will provide a $22.5 million investment to fund the recapitalization of the property, nearby development projects, and a preferred return reserve as well as cover closing costs.

Located in the waterfront community of Southport on Lake Washington near Seattle, Bristol I is a mid-rise apartment complex with 188 units that is currently 79% occupied. The property offers exceptional lifestyle amenities including an onsite café, 24-hour waterfront fitness center, business center, residents’ club and full kitchen for entertaining.

“We are delighted to have completed this investment with SECO Development, one of the right pioneers of apartment development in the Seattle area,” said Dan Cooperman, Chief Originations Officer at Terra. “The property’s waterfront location and proximity to demand drivers, coupled with SECO’s operational strength, make this an exciting investment for us.”

“Terra’s team mobilized quickly and closed the loan on the agreed-upon terms,” said Michael Christ, Chief Executive Officer of SECO Development. “We thank Terra for their partnership.”

“You can live on the water at a reasonable cost, grab a fantastic meal or a drink at one of the nicest hotels in the region and walk across the street to work in a groundbreaking new glass tower overlooking Lake Washington and the Seattle skyline,” said Dave Karson, Executive Managing Director at Cushman & Wakefield. “SECO and Terra both recognized a fantastic opportunity to help expand and improve the Southport campus.”

Terra is a New York-based lender that specializes in mezzanine and bridge loans in high quality commercial real estate. Terra lends on multifamily, hotel, office, retail and industrial properties throughout the United States.

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TAMPA, FL – Federal Capital Partners has provided $6.5 million in mezzanine financing to The Altman Companies for the development of Altis Grand Central, a 314-unit, eight-tale luxury residential tower at 548 W. Grand Central Avenue in Tampa, Florida.

“FCP is pleased to have initiated a relationship with The Altman Companies, one of the premier developers in the Southeast US, as we expand our Central Florida portfolio,” said FCP Vice President, Jason Ward. He continued, “Altis Grand Central is perfectly positioned and timed to deliver high quality rental residences within walking distance of Oxford Exchange, The University of Tampa and the exciting redevelopments in downtown Tampa. Further, we are pleased to be working alongside PNC Bank, with whom FCP has had a long and beneficial relationship.”

The financing marks the sixth investment by FCP in Central Florida in the past 18 months with the company’s portfolio now consisting of 815 operating multifamily units in addition to 603 financed units under development. FCP recently launched a Florida office in Miami under the leadership of Bruce Gago. Senior financing was provided by PNC Bank.

Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate.

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