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8/25/22
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The Park in Bellevue, a 184-unit multifamily project in Bellevue, WA, was refinanced by affiliates of Low Tide Properties and Continental Properties LLC with a new loan for $60 mil. Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus, and Meredith Donovan with Cushman & Wakefield represented the borrower in the new financing, which was funded through Northwestern Mutual.
The Park in Bellevue is a high-quality garden-style apartment property comprising 24 buildings located at 1515 Bellevue Way NE. Originally built in 1985, the property features one- and two-bedroom floor plans along with 275 parking spaces on site. The property is well located just three blocks from downtown Bellevue.
Ownership just recently completed a comprehensive $5.5 mil renovation spanning all 184 units. An additional $3.5 mil has been spent to renovate the property’s amenity package including a brand-new heated pool, resident lounge, terrace, state-of-the-art fitness center, and sundeck equipped with barbecues.
The Park in Bellevue offers a premier live-work-play environment near downtown and that is easily accessible to a multitude of restaurants, supermarkets, fitness centers, and other retailers (a 10-minute walk to Bellevue Square). Additionally, the property is a short walk to a main bus stop and has immediate access to the I-405 and State Route 520 freeways.
“The permanent financing market is starting to look like a more attractive option given the trajectory for the secured overnight financing rate (SOFR) today,” commented Karson. “The agencies and Life Co’s still have attractively priced money and are especially competitive for quality owners like Low Tide.”
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