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HomeStreet Provides $17 Million Construction and Permanent Loan for The Blake Apartments

February 08, 2013HomeStreet Bank, one of the Northwest’s leading multifamily and commercial real estate lenders, has provided $17 million in construction and permanent financing for the Blake Apartments in Seattle, Wash. Portfolio financing was arranged by Diane Leonidas to provide for the construction and lease up of a new 103-unit apartment project. The developer is F & M Development, LLC

The Blake Apartments are located at 5020 California Avenue Southwest in the residential West Seattle neighborhood. The project includes proposed improvements totaling 63,441 square feet of net rentable area on a 21,950 square foot site which features sweeping views of the Puget Sound and Olympic Mountains. A spectrum of Built Green apartments will include studios as well as two-story townhomes that are pet-friendly and designed to accommodate a range of resident needs. Construction is set to begin this month, with plans to open in the summer of 2014.

The project is located in the “Alaska Junction” area of West Seattle, in close proximity to public transportation, including new Rapid Ride bus services, and within walking distance to shopping, restaurants and neighborhood services. On-street parking is available and the project will include a large bicycle storage area. The project is being designed to appeal to younger singles and couples. 

The Blake Apartments will be managed by Indigo Real Estate Services which manages 45 apartment complexes in Vancouver, British Columbia and throughout Western Washington, including the Mural and Link Apartments in West Seattle. 

HomeStreet Bank has been providing loans for multifamily and commercial real estate projects since 1921 and has been a licensed participant in the Fannie Mae DUS® multifamily loan program since its inception in 1988. 

For more information, call Diane Leonidas at 206-389-7748 or visit online at