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CBRE Secures Construction Financing for Bellevue MXU Development
CBRE Capital Markets’ Debt & Structured Finance team secured $47 million in construction financing for the development of Surrey on Main Flats in Bellevue. The six-story, Class A, mid-rise, mixed-use apartment building on the southern edge of the CBD is slated to offer 125 residential units over 1,650 square feet of ground-floor commercial space.
CBRE’s Mollie Means and James Bach originated the loan through CBRE’s FHA lending platform on behalf of the borrower, Surrey on Main, LLC. The loan is funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 220 new construction mortgage insurance program, providing an interest-only construction period of 20 months with a 40-year, non-recourse, fully-amortizing permanent loan.
Construction is slated to begin this month, and the project is expected to be completed summer 2021. Tejal Pastakia of Pastakia + Associates partnered with the borrower to provide development services for the LEED-designed project.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development


