HomeStreet Bank Commercial Real Estate, a subsidiary of HomeStreet, Inc., has announced that it has provided a $25 million construction loan to Henry Foss Group, LLC for The Henry Apartments in Tacoma.
The Henry, a 161-unit, six-story mixed use building situated on the Thea Foss Waterway in Tacoma, is one of the first new significant apartment projects to be developed in the city’s downtown market in several years. Developers Carino and Associates, a family-owned Tacoma development firm, has a history with Homestreet that spans two decades, including the nearby Thea’s Landing waterfront apartment complex.
“We are excited to be working with them (Carino and Associates) on their newest project,” said Randy Daniels, commercial real estate director for HomeStreet Bank. “The project is well-situated along the esplanade walking path on the shore of the waterway. It is also close to Tacoma’s downtown core and within walking distance to businesses, theaters, museums and parks. It’s a unique and beautiful setting for urban residents.”
The finished building will consist of studio, one- and two-bedroom units and 10,500 square feet of retail/commercial space on the ground floor.
The general contractor on the project is Sierra Construction Company of Woodinville, the architect is Tacoma’s BCRA.