ACORE Capital Lends $145M on Two Seattle-Area Multifamily Projects
Alliance Residential and USAA Real Estate have inked two loans totaling $145.1 million for the acquisition and construction of two multifamily developments in Bellevue, Wash., Commercial Observer has learned.
ACORE Capital supplied the financing, which includes an $80.5 million loan for the joint venture’s planned Holden of Bellevue independent senior living project and $64.6 million for an apartment complex called Broadstone Gateway. Kyle Jeffers, managing director, co-head of originations at ACORE, originated the both transactions, which include first mortgage loans with 60-month fully extended terms.
“These are high-quality assets in a great market with great sponsorship and overall great demographics and trends with companies moving there,” said Jeffers, who noted that tech giants Amazon, Facebook and Google are expanding office space in Bellevue, which is located around 10 miles outside Seattle. “We have seen a lot of institutional capital go into Bellevue so we really like the dynamics and demographics around the multifamily and independent living projects.”
Located at 121 112th Avenue NE, the soon-to-built 28-story Holden of Bellevue will comprise 345 units as an independent living senior housing high rise. The property was previously occupied by Windermere Real Estate.
Broadstone Gateway will have 155 apartment units and 5,500 square feet of ground-floor retail space on 11100 Main Street in downtown Bellevue. Planned amenities at the 22-story building include a coffee bar, fitness center, coworking space, electronic vehicle charging stations and an outdoor plaza.
“We are pleased to expand our relationship with ACORE Capital for our signature, market-leading residential projects in Bellevue, Washington,” Jay Hiemenz, president COO of Scottsdale, Ariz.-based Alliance Residential said in a statement. These projects will establish a new high end with market-leading finishes, services and amenities.”
San Antonio-based USAA Real Estate did not immediately respond to a request for comment on the loans.
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