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Mainstreet Property Group and HAL Real Estate have secured $77 million to refinance The Schoolhouse District, a 264-unit, mixed-use multifamily community in Woodinville, Wash., that opened three years ago.
AXA Investment Managers Alternatives provided the fixed-rate loan, while JLL (JLL)’s Seth Heikkila and Steve Petrie arranged the financing.
Located at 17409 133rd Avenue Northeast in Woodinville — a city about 18 miles northeast of Seattle — The Schoolhouse District also features 44,800 square feet of retail space to complement its 264 apartments.
Woodinville is a fast-growing suburb that seems poised to generate increasing amounts of multifamily absorption. The city’s population has grown 28 percent since 2010, and the average household income stands at $172,000, with incomes projected to grow 15 percent by 2027, according to JLL.
Moreover, the city is famous for its more than 130 wineries and tasting rooms across the surrounding county.
MainStreet Property Group and HAL Real Estate started construction of the Schoolhouse District in 2019 with the aim of transforming a historic neighborhood into a renovated live-work-play apartment community. The community includes retail shops, public recreation centers, a multifamily apartment building, and open public space.
The development team recently purchased more than 4 acres of land to begin the first phase of Eastrail Flats, a mix of apartments, townhomes and eateries that is expected to open in spring 2025, according to 425Business.com.
MainStreet Property Group and HAL Real Estate did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
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