Urbnlivn just got word that the loan on one of our favorite projects, The Sanctuary, has been acquired and that it is going to be marketed at up to 40% below original prices:
“While the original developer had an incredible vision that we intend to fully realize, we also recognize that values must be recalibrated for today’s homebuyer,” Nall said. “We anticipate our prices will start at below $600,000.” Additionally, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.
The Sanctuary is expected to be reintroduced to the market by late summer 2011 once the construction is completed and the pricing is finalized. Get an inside look at photos and previous pricing from Urbnlivn’s 2009 tour.
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Sydnie Moore (619) 823-8448
LOAN ON THE SANCTUARY MULTIFAMILY PROJECT ACQUIRED;
HOMES TO BE MARKETED AT UP TO 40% BELOW ORIGINAL PRICES
Resource Transition Consultants, LLC, Receiver to Oversee Completion of Construction;
Realogics Sotheby’s International Realty Tapped as Exclusive Listing Broker
(July 7, 2011) SEATTLE, WA – The senior development loan on The Sanctuary — a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a 12-unit multifamily community — has
been sold by a syndicate of lenders to Pathfinder Pollin Sanctuary Holdings, LLC, an affiliate of San Diego-based Pathfinder Partners, LLC, a leading acquirer of loans and properties from financial
institutions. According to Robert Nall, managing member of Resource Transition Consultants, LLC (RTC), which has served as the court-appointed receiver for the lender syndicate since September 2010, the loan sale is a key step toward rejuvenating the long-stalled development and reintroducing The Sanctuary to the market at dramatically reduced prices.
Guardian Real Estate Services, a national real estate investment bank, represented the selling lenders. RTC will remain in place and oversee remaining construction and sales activities. Seattle-based Realogics Sotheby’s International Realty has been appointed the exclusive listing broker. Originally built in 1908 as The First Church of Christ the Scientist, The Sanctuary was redeveloped a century later, as 12, fee simple concrete and steel townhomes within the historic structure. The original borrower defaulted on the development loan in August 2010 and construction and marketing has been halted for more than a year, Nall said. “With the support of our new lender, we can now complete construction and sell the individual residences,” Nall added.
Ranging from 1,278- to 2,438-square-feet, the townhomes will be marketed at significantly less than the original asking price – which averaged over $1 million apiece — when complete in fall of 2011. “While
the original developer had an incredible vision that we intend to fully realize, we also recognize that values must be recalibrated for today’s homebuyer,” Nall said. “We anticipate our prices will start at
below $600,000.” Additionally, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.
Celebrating the architectural significance of the historic structure, The Sanctuary project has already won numerous design awards, including “Building Restoration of the Year (2009)” from Seattle magazine.
The development features an expansive stained-glass dome, now the building’s atrium, which provides abundant natural light. Residences feature high-end finishes and amenities, including soaring 35-foot-high ceilings, metalwork and cabinets by Seattle area artisans, solid wood stair risers, re-purposed marble from the original church and top-of-the-line kitchen and plumbing fixtures. Each unit has a street level entrance, as well as a shared elevator to secured underground parking. Some units have rooftop terraces with expansive views of downtown Seattle and Elliott Bay.