REDMOND, Wash. (Oct. 17, 2022) – Legacy Partners (“Legacy”), a privately held national real estate firm, and joint venture partner Lionstone Investments, announced the close of the construction loan and start of construction on the second phase of the redevelopment of the Redmond Square Shopping Center in the heart of downtown Redmond, Wash.
The highly anticipated mixed-use development is composed of 623 residences in six stories on 3.5 acres. The first phase, which broke ground October 2021, is named Eastmark Grand. The second phase, Eastmark Central, recently broke ground on Sept. 28, 2022. New York Life Real Estate Investors arranged financing for the construction loan for Eastmark Central at $107.3 million. The development will open in phases with Eastmark Grand delivering in Q2-2024 and Eastmark Central in Q1-2025.
“The Eastmark redevelopment is in a highly interconnected submarket of downtown Redmond,” said Parker Nicholson, senior managing partner at Legacy Partners. “Eastmark’s residents will enjoy the project’s adjacency to SoundTransit’s Downtown Redmond Station — now under construction — as well as to a myriad of quaint shops, restaurants and high-tech employers located within a short walk of the site in Downtown Redmond and the Redmond Town Center.”
“We are pleased to close on this loan with Legacy Partners and Lionstone Investments. This financing highlights our commitment to provide ground-up construction financing for top tier projects and sponsors,” said James Nearon, senior director in New York Life Real Estate Investors’ Structured Lending team, located in the San Francisco office.
Eastmark Grand, the first of the development’s two buildings, is currently under construction at 16595 Redmond Way, with 311 apartments and nearly 20,000 square feet of ground-floor retail space. The residences boast air conditioning and feature top of the line finishes, including chef-inspired kitchens complete with Bertazzoni and Kitchen Aid appliance packages, kitchen range hoods, microwaves built into the casework, and 3cm Carrera quartz countertops. The luxury bathroom finishes include tiled tub surrounds, floating vanities, and illuminated mirrors — all rare offerings for mid-rise apartments in the Pacific Northwest.
The second building, Eastmark Central, at 16502 Cleveland Street, will consist of 312 residences and approximately 13,000 square feet of retail and commercial space.
Notable about the development is its walkability, a feature Redmond is actively promoting city-wide. Eastmark Grand will connect to Eastmark Central by via a European-style pedestrian walkway. Residents will be surrounded by green space, enjoying instant access to an on-site yoga studio and fitness center, clubhouse, pet salon, co-working and breakout workspaces, and a high-tech audio listening room, along with a significant concentration of ground floor retail and more than 600 indoor and outdoor parking spaces and bike stalls.
“This community is unlike anything we’ve ever built, in terms of its finishes,” added Nicholson. “We used the highest quality interior design features to create the perfect blend of urban and suburban, complemented by a convenient transit-oriented lifestyle and modern residential amenities.”
Tiscareno Associates, a frequent design partner of Legacy, is the architect of record for both Eastmark Grand and Eastmark Central. Legacy and Tiscareno also partnered on the design and development of Redmond’s Triangle Apartments (immediately to the north of Eastmark Central) and Milehouse Apartments.
About Legacy Partners
Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops, and manages multifamily communities throughout the United States. Since its inception, the company has developed more than 78,000 apartment units at more than $8 billion in cost.
Legacy has regional offices in California, Colorado, Florida, Georgia, Texas, and Washington, and has developed more than 66,000 apartment homes in Arizona, California, Colorado, Florida, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results.
Legacy provides management services for its own portfolio, as well as other owners. Combined, Legacy manages a portfolio of over 50 multifamily communities with more than 12,000 apartment homes, and with a gross value in excess of $3 billion.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company. For more information please visit: http://www.newyorklife.com/realestateinvestors.
New York Life Real Estate Investors is a full service, fully integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $69.0 billion in assets under management as of June 30, 2022(1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About Tiscareno Associates
Tiscareno Associates (Tiscareno) is a Pacific Northwest architecture and urban design firm that helps clients realize their project vision and investment objectives with beautiful, cost-effective designs that enrich their communities with places where people like to be. Founded in 2002, this privately held, mid-size firm serves developers, contractors, and local governments in designing multifamily, mixed-use, TIs, transportation, and other urban projects, as well as master plans. Their current portfolio includes hundreds of projects valued from $500,000 to $150 million. Winner of numerous design awards, Tiscareno has earned a reputation for ego-free collaboration, innovative problem solving, and optimization of a project’s resources, community input, and market goals.
