Goodman Capital Leads $31M Condo Inventory Loan on Seattle-Area Resi Tower

Create World Real Estate has nabbed $30.6 million of condominium inventory financing for luxury residential tower east of Seattle, Commercial Observer has learned.

Goodman Capital supplied a $25.625 million senior loan secured by the unsold residential units at Mari, a 20-story condo building in Downtown Bellevue, Wash., that opened in fall 2024. JEMM Capital Partners also provided a $4.95 million mezzanine loan as part of the transaction that supports the sponsor through the sale of the remaining condos in the 138-unit property.

“Downtown Bellevue has become one of the Pacific Northwest’s most important urban centers, with major employers, shopping and transit close by, and Mari places residents in the middle of it,” Eric Goodman, managing partner at Goodman Capital, said in a statement.  

Located at 10232 Northeast 10th Street 10 miles east of Downtown Seattle, Mari was designed by MZA Architecture with interiors by B+H. Resident amenities include a sky lounge with a kitchen, a rooftop terrace with grilling stations, a fitness center and a yoga studio.

Bellevue-based Create World Real Estate sealed a $95 million construction loan from Madison Realty Capital for the Mari condo tower in October 2021, Commercial Observer first reported at the time.

“This transaction reflects our continued focus on financing high-quality assets in dynamic markets alongside experienced sponsors,” Matt Meltsner, partner and head of originations at JEMM Capital Partners, said in a statement. 

Create World Real Estate did not immediately return a request for comment.

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