A joint venture between Behar Company and HB Management has secured $131.9 million in construction financing to build Edmonds Green, a 411-unit apartment project planned for 7212 220th Street SW in Edmonds, Washington, roughly 15 miles north of downtown Seattle. The project will span two apartment buildings with units ranging from studios to three-bedrooms, and 20 percent of those units are slated to be designated income-restricted under a local tax-exemption program.
The financing breaks down into a $97.5 million construction loan from Madison Realty Capital and $34.4 million in mezzanine debt from Red Cove Capital, according to Commercial Observer, whose headline rounded the combined total to $132 million even as the outlet's own reporting cited the more precise $131.9 million figure. The site itself covers 20,274 square feet and sits next to Edmonds Village, a three-building retail center, placing the future apartments within easy reach of existing shops and services.
A Site Behar Has Held Since 2005
Behar Company has owned the Edmonds Green site since 2005, according to the same Commercial Observer report. That two-decade hold appears to have factored into Madison Realty Capital's decision to finance the deal. Samir Tejpaul, head of investments at Madison Realty Capital, said Behar's long ownership, an experienced development team and Red Cove Capital's role as an institutional partner gave his firm strong conviction in the project.
The outlet describes Edmonds Green as sitting in a high-income, supply-constrained submarket with direct access to employment centers in Seattle and Bellevue, as well as aerospace and advanced manufacturing work to the north. Behar Company and HB Management did not promptly return requests for comment, the report notes.
Income-Restricted Units Tied to City Tax Program
Under the project plans, the income-restricted units at Edmonds Green are being offered through the City of Edmonds multifamily housing property tax exemption program. According to the City of Edmonds, that program provides a tax exemption for the residential portion of new or rehabilitated multifamily housing to encourage development in residential targeted areas, as authorized under Chapter 84.14 of state law. Under RCW 84.14.020, the 12-year version of that exemption requires applicants to commit to renting or selling at least 20 percent of a project's units as affordable housing to low-income or moderate-income households — the same share reported for Edmonds Green's unit mix.
A Snohomish County Deal Amid a Slower Regional Market
Edmonds Green's financing lands at a moment when the broader Puget Sound multifamily market has cooled on the sales side even as fundamentals tighten. Puget Sound recorded 47 multifamily transactions totaling $543 million in the second quarter of 2026, with overall transaction volume down nearly 20 percent from the prior quarter, per Kidder Mathews. Even with fewer deals changing hands, vacancy across the region declined to 6.7 percent while average rent climbed to $2,009.
Snohomish County, where Edmonds sits, held up relatively well by comparison, recording 10 multifamily sales totaling $162 million at an average of $224,000 per unit, the same report states. Vacancy in Snohomish held steady at 6.1 percent while average rent rose to $1,921 — figures that underscore the kind of tightening rental market that likely bolstered lender confidence in a 411-unit project aimed squarely at that submarket.
