Basel Capital Secures $57M Construction Loan for Bellevue MultiFam
Basel Capital has successfully closed on $57 million in construction financing for Cambridge Manor, a 58-unit apartment complex to be developed in the Factoria area of Bellevue, WA. Mike Incrocci originated the loan for Broadmark Realty Capital, Basel Capital’s partner in the project.
Cambridge Manor, located at 12855 Coal Creek Parkway SE, sits on five acres of land and includes 58 condominiums in nine four-story buildings. Units will vary in size from three to four bedrooms ranging from 2,000 to 3,300 square feet. Community amenities include a dog park, ample open space and two children’s playgrounds.
“We are pleased to partner with Broadmark Realty Capital in the development of Cambridge Manor, one of the largest luxury residential projects in Bellevue,” said Basel Capital’s Dr. George Li. “The closing of this loan kicks off a new phase, and we’re going to start seeing the site transform into a townhome community perfectly tailored for multi-generational families.”