IPA Capital Markets, a division of Marcus & Millichap, has arranged $66.2 million in construction financing for Eastrail Flats, a five-story, 168-unit mixed-use development in Woodinville, WA. The loan was one of three recent financing transactions arranged by IPA in the Puget Sound area, totaling $173 million.

“Multifamily builders have been more active in suburban Seattle markets since the onset of the pandemic,” said IPA’s Raymond Allen who originated the financing along with the firm’s Seth Heikkila. “The Seattle-Tacoma metro area has added jobs at a pace roughly three times its long-term average during the yearlong span ending last June.”

In addition to Eastrail Flats, IPA also arranged a $65.65 million construction loan for The Spark, a 211-unit mixed-use multifamily and ground floor retail property in Redmond, WA and $41.5 million in permanent financing for newly-built Terrace Station East, a six-story, 168-unit residential and ground floor retail property in Mountlake Terrace, WA.

The construction loans feature five-year terms with interest only periods and 30-year amortizations. The permanent financing is a five-year loan with full-term interest only and 60% loan-to-value.