Bellwether Housing Pays $49M for Seattle-Area Properties

Citibank and Amazon financed the acquisition.


Nonprofit Bellwether Housing has acquired two garden-style communities totaling 213 units in King County, Wash. The affordable housing provider paid a combined $49.2 million for the 136-unit The BLVD, in Kent, Wash., and the 77-unit Marina Club in Des Moines, Wash., according to public records.

The new owner plans to fully convert the properties into affordable housing. This will make the communities available to residents earning between 60 and 80 percent of the area median income.

The buyer drew on two sources to finance the investment. JLL Capital Markets secured a total of $24.8 million for both properties, originated by Amazon through its $2 billion Housing Equity Fund, while Citibank funded a senior loan totaling $13 million for the acquisition of The BLVD.

The Citibank financing package is a short-term mortgage, with a one-year maturity, along with a six-month extension option. In contrast, the $15.6 million and the $9.2 million fixed-rate loans, funded by the e-commerce giant, have a 20-year maturity period. Part of the Amazon funding will also go toward rehabilitating the two communities.

Property details

Marina Club

The BLVD stretches across five buildings on 7 acres at 2136 S. 272nd St. in Kent, while the Marina Club sits on less than 4 acres at 2445 S. 222nd St. in Des Moines. The latter comprises eight buildings completed in 1987. The Kent community was built one year earlier, in 1986. 

Both properties provide studios along with one- and two-bedroom apartments, with floorplans for The BLVD averaging 786 square feet and the Marina Club encompassing units ranging from 580 to 1,013 square feet. Community amenities include a business center, swimming pool, sundeck, fitness center, spa and playground.

The communities are within the Des Moines submarket of Seattle, with The BLVD less than 20 miles south of downtown Seattle, while the Marina Club is some 16 miles away.

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