Construction Loan is Testament to Parkview’s Bullishness on Greater Seattle

Parkview Financial recently provided a cross-collateralized $54.5 million construction loan to a joint venture of GIS International Group and DMG Capital for the development of two apartment properties totaling 272 units. The properties include a seven-story 157-unit multifamily project located at 102 Madison Ave. in downtown Kent, WA, and a six-story building with five stories of residential units over ground-floor retail located at 415 E. 25th St. in downtown Tacoma, WA.

“This construction loan is testimony to Parkview’s bullishness on the greater Seattle metro and the need for more multifamily development in the Pacific Northwest,” said Paul Rahimian, CEO and founder of Parkview Financial. “This region is seeing an influx of business and population growth, and these two projects are poised to attract renters seeking quality housing and best-in-class amenities. The assets were cross collateralized to accommodate the borrower’s utilization of ground lease financing. Parkview was able to provide the borrower with a highly customized financing execution that consisted of ground-up construction, mid-construction and working with a ground-lease partner, all of which required a high degree of creativity, flexibility and discretion.”

GIS International is the general contractor for both projects.