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9/18/17
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Harcourt Developments has obtained a $4 mil bridge loan on the Granary Building, a 56.5k sf, historic waterfront office building in Bellingham, WA. The loan was provided by iBorrow.
Located at 1208 Central Ave, the Granary Building includes a 13k sf basement and a 2.8k sf roof deck. It is part of a 230-acre business park re-development that includes a planned 1.1 msf of office space, 2.2 msf of industrial space, 450 apartments, a 146-room hotel, 65k sf of retail space, and a gym and leisure center.
The borrower is a development company whose prior experience developing large business parks including the noted Titanic Quarter in Belfast, Northern Ireland. According to iBorrow CEO Brian Good, the company will use the loan to recoup equity from pre-paid construction costs, as well as to finish the interior build-out of the Granary Building, a project that will be completed in a year.
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