Seattle's Cohanim family has purchased 5253-5255 University Way NE in Seattle — a site that will be developed into 60 student housing units and 3K SF of retail.

The property, near the University of Washington, has around 35K SF of existing buildings. Private direct lender iBorrow provided a $2.1M loan for the purchase.

“This loan posed a challenge due to the fact that the property will eventually be re-developed, so the pro-forma financial statement was unproven,” iBorrow CEO Brian Good said in a statement. “The greater Seattle area continues to grow and to perform as one of the strongest real estate markets in the country, thanks to the thriving local economy and the University of Washington’s prominence. The property has tremendous potential as a mixed-use development, and this, in conjunction with its location and the borrower’s depth of development experience, made this an attractive loan for iBorrow.”

The Cohanim family has been an active investor and developer in the Seattle area for 45 years. Projects include the new Palladian Kimpton Hotel, a full-service upscale boutique property to be operated by Kimpton Hotels & Restaurant Group.

Mischa and Erich Guenther and Kenny Pugh of Glacier Real Estate Finance originated the loan.