ACORE Capital Loans $145 Million On Two Seattle-Area Multifamily Projects
Alliance Residential and USAA Real Estate have inked two loans totaling $145.1 million to acquire and construct two multifamily developments in Bellevue, Washington.
ACORE Capital provided the financing, which carries an $80.5 million loan for the joint venture’s planned Holden of Bellevue independent senior living project and $64.6 million for an apartment complex called Broadstone Gateway. Kyle Jeffers, senior managing director and head of Western region originations at ACORE, began both transactions, which include first mortgage loans with 60-month fully extended terms.
Positioned at 121 112th Avenue NE, the soon-to-built 28-story Holden of Bellevue will comprise 345 units as an independent living senior housing high rise. The property was previously occupied by Windermere Real Estate.
Broadstone Gateway will have 155 apartment units and 5,500 square feet of ground-floor retail space on 11100 Main Street in downtown Bellevue. Planned amenities at the 22-story building include a coffee bar, fitness center, coworking space, electronic vehicle charging stations, and an outdoor plaza.
Jay Hiemenz, president-COO of Scottsdale, Ariz.-based Alliance Residential stated that they are pleased to expand involvement with ACORE Capital for market-leading residential projects in Bellevue, Washington.