Commercial loan for a 40+ units apartment in Seattle

[Nick He]

Hello there,

Good morning! Hope you are having a great day so far!

I am looking at a deal to purchase a land in downtown Seattle and build a 40+ units apartment. My business partner and I will invest some of our own money and will get a few investors, who already show strong interest in this.

I have 6 years experience in real estate, although not in developing. My business partner has recently developed a student housing complex in Queen Anne.

Do you have any good referrals for the loan for the land acquisition and construction?

Thank you so much and have a great day!

Best,
Nick

[Darryl Dahlen]

Building multifamily properties is generally the territory of local banks. HUD has a good multifamily program or larg(er) dollar projects, and the terms are unbeatable, but the closing times are generally prohibitive as it can take 9+ months to close.
Outside of HUD, your best bet is going to be local lender who is interested in deploying their funds in their lending footprint. If the project has merit, you should be able to get a bank to offer a construction to perm loan.