A loan of close to $21m has been provided by Knighthead Funding LLC to construct a multifamily building.
Knighthead Funding is a collaboration of three investors from the area who have successfully developed and owned properties in the Pacific Northwest.
Located here in Tacoma, the project will be a single building, eight stories high, comprising 115 units. Located on Fawcett Avenue, it will feature a wide range of unit types, from small studio units to ones with three bedrooms. Amenities of the interior will include stainless steel appliances, vinyl wood plank tile, solid surface quartz countertops, and washing machines and dryers in the larger units.
Amenities for all to use will include a fitness center, laundry facilities, courtyard, and a deck on the rooftop next to a community room with a full kitchen. Such projects and their amenities are often promoted using a uniquely created Logo Design that will spark the interest of potential residents.
The third largest city in the state, Tacoma has been attracting younger renters who are attracted to its more affordable rents and cost of living, and the fact that downtown Seattle is nearby. In addition, new residents have also been attracted to the commercial, education, residential, and cultural development in the city, which has revitalized the downtown and its business district, creating a demand for high-quality rental units.
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