$2.7M Spokane Acquisition/Construction Loan

This borrower sought nearly $2.8 million in financing to revamp a historic building in downtown Spokane, Washington. Broadmark Realty Capital provided a $2,762,500 acquisition and construction loan to complete the project, Lolo Lofts, an 11-unit residential property with just over 6,000 square feet of commercial space.

The building is located on the west side of Downtown Spokane, with easy access to local roads and the freeway. In recent years, more businesses have established themselves in the area, and residential demand has increased. Chains such as Starbucks have opened within two blocks from the building, and overall foot traffic has increased; Lolo Lofts has a “walk score” of 93, according to walkscore.com, indicating residents can live, work, and be entertained in their immediate neighborhood.