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.