Corus closes condo loan.

Corus Bankshares, Inc, a banking subsidiary of Corus Bank, closed a $38,500,000 loan build a new seven story condo in Washington.

The loan is to Burien Town Square Parcel 1, L.L.C., an affiliate of Urban Partners, LLC and Westport Capital Partners, LLC, to finance the construction of Burien Town Square Phase I, a 7-story condominium building at the intersection of 6th Avenue SW and SW 152nd Street in Burien, Washington.

The project will consist of 124 residential condominium units as well as parking for 182 cars and approximately 20,000 s/f of retail space. The project will be a part of a large redevelopment known as the Burien Town Square, a development that has been in the planning stages for about 10 years and is part of a roughly 10-acre parcel of land that has been acquired by the city of Burien through sales and condemnation.

Upon completion, Burien Town Square will include a one-acre public park, a new city hall and library structure, and private developments containing more than 400 condominiums and townhomes and over 40,000 square feet of retail space.

Corus Bank structured a non-recourse loan for this mixed-use project. Corus was able to offer the borrower flexibility in the loan structure as costs evolved through the early stages of development.