Legacy Partners Lands $92M for Seattle Area Development

Legacy Companions is planning on breaking floor on its transit-oriented house improvement in Bellevue, Wash., after securing development financing. JPMorgan Chase offered the practically $91.9 development mortgage to the agency and its three way partnership associate New York Life Actual Property Traders to construct Bellevue Station. Cushman & Wakefield represented the borrower within the transaction.

With financing in place, development for Bellevue Station is anticipated to begin in early September however is topic to the Metropolis of Bellevue’s allowing course of. The developer is anticipating to finish the Encore Architects-designed neighborhood within the first quarter of 2025, tapping Compass Building because the challenge’s normal contractor.

When accomplished, Bellevue Station will provide 288 models in studio, one-, two- and three-bed models that vary from 460 to 1,636 sq. toes. The neighborhood may have 230 of its models set at market price, whereas the remaining 58 models will likely be designated as Multifamily Tax Exemption models and reserved for these making 80 % of the realm’s median earnings.

The models will likely be constructed with stainless-steel home equipment, quartz counter tops, in-unit washer/dryers, air con and gasoline ranges in most models. Bellevue Station’s widespread facilities will embrace a fitness center, espresso bar, rooftop clubroom, video games room and a coworking area. Positioned at 1525 132nd Ave. NE within the Bel-Pink submarket of Bellevue, the neighborhood is subsequent to Sound Transit’s new mild rail station for its East Hyperlink line.

EXCLUSIVE EQUITY ADVISOR

Previous to the development mortgage, the identical Cushman & Wakefield workforce of Dave Karson, Chris Moyer and Keith Padien organized the three way partnership fairness for the Bellevue Station challenge. New York Life Actual Property Traders joined onto the challenge as three way partnership companions in March, offering an undisclosed quantity of financing.

By itself, Legacy Companions has a number of different multifamily communities in Washington, together with in Seattle, Redmond and Renton. In November 2021, the agency and its challenge associate Lionstone Investments broke floor on the redevelopment of a former purchasing middle in Redmond right into a 632-unit neighborhood.