Madison Realty Capital has provided a $97.5 million construction loan for Edmonds Green, a planned multifamily community in Edmonds, Washington. The project is located at 7212 220th Street SW and is designed to deliver 411 residential units along with ground-floor retail, adding new housing and mixed-use space to the city.
The development is being undertaken by The Behar Company and HB Management. As planned, Edmonds Green will feature two residential buildings with a blend of studio, one-, two-, and three-bedroom apartments. The inclusion of multiple unit types is intended to serve a range of household sizes within a single master-planned community.
The capital stack for the project totals $131.9 million in construction financing. In addition to the senior construction loan from Madison Realty Capital, the package includes a $34.4 million mezzanine loan provided by Red Cove Capital. The transaction for Madison was led by Samir Tejpaul, the firm's Head of Investments.
Edmonds Green will also incorporate a retail component at street level, with plans calling for 10,500 square feet of ground-floor retail space. This integrated retail is expected to complement the residential portion of the project and contribute to an activated streetscape at the property's location on 220th Street SW.
The development program includes an affordability element through the City of Edmonds&apos Multifamily Housing Property Tax Exemption program. Out of the 411 units planned, 82 apartments are designated as income-restricted, accounting for 20% of the total unit count. These units are intended to expand the supply of income-restricted housing available within the city.
Construction responsibilities for Edmonds Green have been awarded to Exxel Pacific, which will serve as the project's general contractor. Project completion is currently anticipated for the third quarter of 2029, positioning the development for delivery later in the decade. Together, the senior construction loan from Madison Realty Capital and the mezzanine financing from Red Cove Capital provide the funding structure to advance the project from development through construction.
