SOURCE: HomeStreet Capital

March 21, 2007 20:09 ET

HomeStreet Capital Finances New Townhomes

Project Provides Affordable Homeownership Opportunity

SEATTLE, WA -- (MARKET WIRE) -- March 21, 2007 -- HomeStreet Capital, one of the Northwest's oldest multifamily and commercial real estate lenders, has provided $16.9 million in financing for construction of Kenmore Townhomes in Kenmore, Wash. Financing was arranged by Tim Patrick through HomeStreet Bank portfolio funds.

The project, which is expected to be completed within 12 months, includes construction of 11 freestanding, two-story townhouse condominium buildings. The two- and three-bedroom, 2.5 bath units will be designed from six different floor plans.

The project is located in the city of Kenmore, Wash., at the northernmost part of Lake Washington. The city is considered a 'bedroom community' of Seattle and is well-situated for commuting to Seattle and Bellevue.

Development in the immediate neighborhood is comprised primarily of newer single family housing; there are no other new condominium projects under construction at present. The Kenmore Townhomes are expected to be priced in the range of $260,000 to $327,000. By comparison, the median price of homes sold in that area over the past year was $415,000.

HomeStreet Capital has been providing loans for multifamily and commercial real estate projects since 1921. HomeStreet Capital offers competitive services and loans for permanent, construction, bridge, forward, renovation and refinancing of income property through a wide range of loan programs, including Fannie Mae, life insurance company, conduit, and HomeStreet Bank portfolio funds. HomeStreet Capital is headquartered in Seattle, Washington with offices in Bellevue and Olympia, Washington; Portland, Oregon; and Honolulu. For more information, call 888-999-7909 or visit online at

Contact Information