HomeStreet Capital Provides $21 Million for Upscale Condo Conversion.SEATTLE -- HomeStreet Capital, one of the Northwest's oldest multifamily and commercial real estate lenders, has provided $21 million in financing for acquiring and converting the Athena Apartments, in Seattle's Uptown/Queen Anne neighborhood, to upscale condominiums. Financing was arranged by Tim Patrick through HomeStreet Bank portfolio funds. Constructed in 2000, the Athena contains 91 apartment units and 3,000 square feet of commercial space in a six-story building. Residential and common areas will undergo cosmetic upgrades in the conversion process. These include improvements to the garden court, a new state-of-the-art fitness center, and a 10,000-square-foot tiered rooftop deck with outdoor lounges, hammocks, commercial-size umbrellas and a gas fire pit; an al fresco dining area; and new landscaping. Changes to the residential units, which have floor-to-ceiling windows, double insulated walls, fireplaces and balconies, include replacing kitchen and bath countertops with granite. The property is within walking distance of the Seattle Center Seattle Center is a fairground, park and arts and entertainment center in Seattle, Washington. The 74-acre campus is the site used in 1962 by the Century 21 Exposition. It is located just north of Belltown in Lower Queen Anne. Attractions
 This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. and other cultural resources. The Athena's proximity to downtown Seattle Downtown is the central business district of Seattle, Washington. It is fairly compact compared to other city centers on the West Coast because of its geographical situation: hemmed in on the north and east by hills, on the west by Elliott Bay, and on the south by reclaimed land and its premium views of Elliott Bay Elliott Bay is the body of water on which Seattle, Washington is located. A line drawn from Alki Point in the south to West Point in the north serves to mark the generally accepted division between the bay and the open sound. and Puget Sound, the Olympic Mountains and the downtown Seattle skyline add to the desirability of the location. The property will contain a mix of studio, one- and two-bedroom units, with prices ranging from approximately $190,000 to $550,000. The conversion is expected to be completed early in 2006. 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 Fannie Mae: see Federal National Mortgage Association. , life insurance company, conduit, and HomeStreet Bank portfolio funds. HomeStreet Capital is headquartered in Seattle, Washington, with offices in Bellevue, Washington; Portland, Oregon; and California. For more information, call 888-999-7909 or visit online at www.homestreetcapital.com. |
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