The Puget Sound Business Journal is reporting that Gramor Development Washington has bought 11,800SF in the 4300 block of Linden Ave — eight townhomes — for $2.5 million:
“The lender and guarantor were looking for an exit strategy and we were able to negotiate terms and close this transaction in a handful of days,” said Kelly Baker, acquisitions manager for Gramor Development, in a statement.
The project is located just a few blocks from our offices, so we’ll be watching it with interest. Read more at bizjournals.com.
Fremont town homes sell for $2.5M
Puget Sound Business Journal (Seattle)
A Seattle buyer of distressed properties said it’s purchased another: an eight-unit, town home complex in Seattle’s Fremont neighborhood for $2.5 million.
Gramor Development Washington said it bought the 11,800-square-foot development in the 4300 block of Linden Avenue North from the project’s lender, Viking Bank, and the project’s developer and guarantor, Seattle Signature Homes.
“The lender and guarantor were looking for an exit strategy and we were able to negotiate terms and close this transaction in a handful of days,” said Kelly Baker, acquisitions manager for Gramor Development, in a statement.
In February, Gramor bought another distressed Seattle property — at the site of the former Twin Teepees restaurant in Seattle’s Green Lake neighborhood.