Madison Realty Capital Provides $95M Loan on Seattle-Area Condo Project
By Mack Burke October 14, 2021 5:15 pm
reprints
Bellevue, Wash.-based developer Create World Real Estate has secured $95 million in construction debt from Madison Realty Capital (MRC) to build a 20-story condominium tower called MARI in the center of a highly desirable Seattle suburb, Commercial Observer has learned.
The 138-unit, mixed-use tower will be located at 10232 Northeast 10th Street in Bellevue, an area that has experienced an explosion of activity on the back of tech companies and other enterprises setting up shop in the area.
“Bellevue is experiencing rapid growth as technology companies, startups and venture capital firms are drawn to its proximity to Seattle, a deep pool of talent, leading nearby universities, and high quality of living,” MRC Managing Principal and Co-Founder Josh Zegen said. He added that the developer has a proven track record in the Seattle area and broader Washington and that his firm is “pleased to further our presence in the Pacific Northwest to deliver an exciting new luxury residence in a vibrant residential neighborhood appealing to Seattle’s surging workforce.”
Officials at Create World could not be reached. The firm hopes to have the project completed in 2023, according to the property’s website.
Designed by Bellevue-based MZA Architecture, the asset will sport 5,000 square feet of retail space on the ground floor, as well as 210 parking spaces, including 160 that will be within a subterranean garage, according to MRC and the property’s website. MARI will also offer a 24-hour concierge, a fitness center, a sauna, a sky lounge and a rooftop terrace. Ching Construction is the general constructor building the property.
MARI is near The Bellevue Collection, a shopping and entertainment district that centers around Bellevue Square, a large shopping mall with more than 200 retailers that is anchored by Macy’s and Nordstrom and is located about a block away from the project. The area also includes attractions and green space such as the Bellevue Downtown Park and the Bellevue Arts Museum.
Last year, Amazon announced plans to plant a flag in Bellevue, bringing around 25,000 jobs to the area as part of expansion plans in the region. The company is currently building out the first phase of a two-phase mixed-use, office development in Downtown Bellevue, which is only a few blocks away from MARI. Amazon’s finished plans would see a massive 3.5-acre, mixed-use development erected to accommodate the thousands of employees it wants there.
Last month, a joint venture between Schnitzer West and Baupost Group locked in $469 million in construction debt from KKR (KKR) to build The Artise, a 25-story, 609,000-square-foot office tower at 788 106th Avenue Northeast that is pre-leased to Amazon.
Facebook also has a sprawling office development in Bellevue, and TikTok parent company ByteDance just recently opened its first Seattle-area office in the Bellevue market.
Mack Burke can be reached at mburke@commercialobserver.com.
