I don't take the Daily Journal of Commerce, but I noticed a headline from yesterday that there was a proposed 34 story apartment tower to be built on the parking lot of Gethsemene Lutheran Church by the bus station on Stewart. Can any of you who take the DJC fill in any extra details,(without copying the text of the article which is for subscribers only)?

Urban Partners project (out of LA) also doing projects in LA (many), Burien town center, Kenmore, Rainier Valley. Had been planning condos but market looked iffy. (its really hard to get financing for new condo projects). Some talk about what church will do with remain portion of property; probaly working with LATCH to do some affordable housing

Urban Partners project (out of LA) also doing projects in LA (many), Burien town center, Kenmore, Rainier Valley. Had been planning condos but market looked iffy. (its really hard to get financing for new condo projects). Some talk about what church will do with remain portion of property; probaly working with LATCH to do some affordable housing

The banks appetite for condos especially conversions has eroded recently however if a developer has significant net worth, reputation, pertinent experience, a viable marketing plan, and a viable project, the banks will COMPETE for their business all day long......the smaller banks that have a higher risk tolerance or are just hungry for a deal will even take a swing at "middle of the road" conversions.....if the banks still don't like the structure of the deal, you can aways seek mezz or equity financing to cover the down payment (the required equity contribution, which is at least 10% of the total construction costs including the land) on the construction loan or increase your equity contribution to the point where banks fell their risk has been mitigated enough to lend on the deal.....

Rendering?

^^ wow, that sounds hella complicated...I'm guessing its related to what you do for a living?