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HomeStreet Provides $25 Million in Financing for Apartment/Mixed-Use Project on Tacoma’s Thea Foss Waterway

April 08, 2014HomeStreet’s commercial real estate group has provided a $25 million loan for construction of a major new apartment and mixed-use project on Tacoma’s historic Thea Foss Waterway.

SEATTLE – April 8, 2014 – HomeStreet Bank Commercial Real Estate, a subsidiary of HomeStreet, Inc. (NASDAQ:HMST) and one of the Northwest’s leading multifamily and commercial real estate lenders, announced that it has provided a $25 million construction loan to Henry Foss Group, LLC for The Henry Apartments, a 161-unit, six-story mixed use building situated on the Thea Foss Waterway in Tacoma, Wash. The loan was arranged by Carmen Esteban, a commercial real estate relationship manager with HomeStreet Bank.

The Henry Apartments is one of the first new significant apartment projects to be developed in the downtown Tacoma market in several years. Tacoma is the second largest city in Washington after Seattle, and the vacancy rate in the project’s submarket is 3.3%.

The city of Tacoma established the Foss Development Authority 17 years ago to redevelop the Thea Foss Waterway for public, economic and recreational revitalization. The waterway is now home to the world-renowned Museum of Glass and Chihuly Bridge of Glass, parks, marinas, apartments and condominiums, a pedestrian and biking esplanade, and historic buildings from the area’s industrial zenith a century earlier.

“HomeStreet has a 20-year history with the developers, Carino and Associates, including the nearby apartments at Thea’s Landing, and we are excited to be working with them on their newest project,” said Randy Daniels, commercial real estate director for HomeStreet Bank. “The project is well-situated along the esplanade walking path on the shore of the waterway. It also is close to Tacoma’s downtown core and within walking distance to businesses, theaters, museums and parks. It’s a unique and beautiful setting for urban residents.”

The finished building will consist of studio, one- and two-bedroom units and 10,500 square feet of retail/commercial space on the ground floor. The general contractor is Sierra Construction Company, the architect is BCRA, and the management company is Carino and Associates.