Bellevue Station Secures $92M in Construction Financing
Legacy Partners and New York Life Real Estate Investors have closed $92 million in construction financing for the development of Bellevue Station, a mid-rise apartment project in Bellevue, WA. Cushman & Wakefield arranged the financing, provided by JP Morgan Chase.
The 288-unit community will offer amenities ranging from a gym, to a rooftop club room to a lobby that includes co-working space. Fifty-eight of the units are below market Multifamily Tax Exemption residences.
“Bellevue Station is a highly desired site adjacent to a new light rail station in the fast-growing Bel-Red submarket of Bellevue,” said Legacy Partner’s senior managing director Parker Nicholson. “We are pleased to have partnered with New York Life and Cushman & Wakefield on the close of this transaction, and look forward to breaking ground soon.”
The Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer and Keith Paden represented the borrower in the transaction.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.