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$30M Loan Secured for Redmond Apartments
JLL has arranged a $30 million loan for Allez Apartments, a 148-unit luxury multifamily community in downtown Redmond, Washington.
JLL worked on behalf of the borrower, Pine Forest Properties, to secure the 10-year, fixed-rate loan through PGIM Real Estate. JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Seth Heikkila and Director Steve Petrie.
Located at 8397 158th Ave NE, Allez Apartments is strategically positioned in downtown Redmond. Completed in 2014, Allez Apartments is a six-story mid-rise community offering 148 units with an average size of 788 square feet, featuring a mix of studios, one- and two-bedroom apartments.
The community also includes 2,844 square feet of ground-floor retail space and participates in Redmond’s ARCH program, designating 12 units as affordable at 80% of AMI to provide housing options for a range of income levels.
