Helaba Lends $93M on Suburban Seattle Luxury Apartments Project

Alliance Residential Company has sealed $92.9 million of construction financing to develop a luxury apartment complex in suburban Seattle, Commercial Observer has learned.

German bank Helaba provided the loan on Alliance Residential’s Broadstone East Lake Washington project in Renton, Wash. The 384-unit development under the Broadstone brand, Alliance’s luxury apartment platform, is slated for completion in June 2028 at 4350 Lake Washington Boulevard North 12 miles southeast of Downtown Seattle. 

“This transaction represents an opportunity to finance the development of a high-quality project in a rapidly growing submarket,” Jason Deck, director of real estate finance at Helaba, said in prepared remarks. Broadstone’s location is near the future bus rapid transit (BRT) line known as Stride S1, which runs along the western edge of Lake Washington.

“The project’s proximity to the future Stride S1 BRT station, part of Sound Transit’s $8 billion expansion, further strengthens its positioning and allows it to benefit from the region’s significant investment in transportation infrastructure,” Deck said.

The deal, which closed June 3, marked the fourth loan Helaba closed for Alliance to back Broadstone-branded multifamily developments in the Pacific Northwest over the past nine months totaling $323.4 million. The other projects Helaba financed include the 203-unit Broadstone Totem Lake in Kirkland, Wash; the 308-unit Broadstone Tanasbourne in Hillsboro, Ore.; and the 304-unit Broadstone Bellevue in Bellevue, Wash. 

Alliance Residential did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.