US$91.9 million construction loan for Bellevue transit-oriented apartment in Seattle has been secured by the projects developer Legacy Partners. The apartment is designed by Encore Architects while Compass Construction has been hired as the project’s general contractor.
The projects implementation is anticipated to begin in the first half of September 2022, subject to Bellevue’s permitting procedure. In addition, it is anticipated to be finished by the developer in the first quarter of 2025.
Features and amenities of the Bellevue transit-oriented apartment in Seattle
Upon completion, the Bellevue transit-oriented apartment in Seattle will have a total of 288 apartment units. This will include studio, one-, two-, and three-bed units with sizes ranging from 460 to 1,636 square feet. 58 of the 288 units will be designated as Multifamily Tax Exemption apartments. Thus, they will only be available to persons making 80% of the area’s median income. The remaining 230 units will be set at the market rate.
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The apartment units will be constructed with quartz worktops, stainless steel appliances, and air conditioning, and most will have gas burners. The communal areas at the Bellevue transit-oriented apartment in Seattle will have a gym, coffee shop, rooftop clubroom, gaming room, and co-working area.
Noteworthy, the development is situated at 1525 132nd Ave. NE in Bellevue’s Bel-Red neighborhood. It is, therefore, in close proximity to the new Sound Transit East Link line light rail station.
Remarks on the project
“Bellevue transit-oriented apartment in Seattle is a highly sought-after location in the rapidly expanding Bel-Red submarket of Bellevue. We will improve the residential experience here with cutting-edge facilities.
We look forward to the beginning of the implementation of the project soon. Moreover, we are happy to have worked with New York Life and Cushman & Wakefield to finalize this deal,” said Parker Nicholson. The latter is the senior managing director of multifamily at Legacy Partners.
On the other hand, Albert Pura said that Legacy Partners is a long-term, high-quality multifamily developer that he is very happy to team with. Furthermore, the Senior Director of New York Life Real Estate Investors also applaud Cushman & Wakefield for their work in bringing this opportunity to a close.
