HomeStreet Bank Commercial Real Estate announced it provided $9.8 million in construction financing to 120 Harvard Ave. E. LLC for development of a 38-unit apartment building.
The project, called The Lexicon, will be located behind Dick’s Drive-In on Capitol Hill.
Barrientos LLC is managing the development for owner Ron Amundson.
Hewitt is the architect.
Marpac Construction, the general contractor, started excavation earlier this month. Work is expected to take a year.
The building will be seven stories with a mix of lofts, one- and two-bedroom units. Parking for 48 vehicles is planned on two levels underground.
Upper floors will have views of Mount Rainier, downtown skyline and South Lake Union. The building will also have a rooftop terrace and small courtyard on the second level. Every unit will have a deck.
The project received height and floor-area bonuses by using affordable housing incentives. Four units will be available to renters who earn up to 65 percent of the area median income.
Green features include compost chutes, use of sustainable materials and LED light fixtures in all the units.
Developer Maria Barrientos said this is her first building that uses LED lighting exclusively.
“New products have just been coming out in the past few months that make it affordable,” she said.