EVERETT – A Chicago company pairing with the Port of Everett for a $400 million redevelopment of the city’s waterfront has nearly secured the money it needs to start building condominiums this spring.
Francis Freeman of Maritime Trust told port commissioners Tuesday that he expects Merrill Lynch to provide a $72 million construction loan and $15 million for land purchases, and General Electric’s pension trust arm to provide a $17 million loan.
“It’s a very exciting moment for us,” said Bert Mears, president of Maritime. “They’re kind of the right people to be in business with. We couldn’t have gotten better partners.”
Freeman said he still must win approval of the company’s loan application, but that the amounts and details have already been established. “They do all the negotiations up front, so they have signed on to the business deal,” Freeman said.
During the first phase of the project, Maritime expects to build nearly 160 condos, which would sell for $400,000 to $1 million, as well as provide office and retail space.
Before the company can go ahead, the port will have an opportunity to approve or reject the financial deal. While the commissioners did not vote Tuesday, all three said they approved of the plan in theory.
“I’m comfortable,” Commissioner Phil Bannan said. “They (the lenders) are class A or triple A. That in itself is a validation.”
“I agree,” Commissioner Connie Niva said.
“I think this gives us a real boost of confidence,” said Commissioner Don Hopkins.
Bannan said he expects construction to start in the spring.
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