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Development Financing Arranged for Seattle’s Zella MF
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CBRE Capital Markets secured $33 million in construction financing for the development of Zella Apartments, a Class A, mid-rise multifamily project consisting of 128 market-rate units in Seattle, WA. CBRE’s Mollie Means and James Bach originated the loan through CBRE’s FHA lending platform on behalf of the borrower, Zella Apartments LLC, which is managed by Anderson-Lanterman Investments LLC.
The property is located at 429 2nd Avenue West, in the lower Queen Anne neighborhood. The seven-story project will include a mix of open one-bedroom, one-bedroom and two-bedroom units with live/work lofts.
The loan is being 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 19 months, with a 40-year, non-recourse and fully amortizing permanent loan.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development


