Continental Properties JV Scores $60M for Seattle-Area Community
The property recently underwent a $9 million renovation plan.
Low Tide Properties and Continental Properties have received $60 million for the refinancing of The Park in Bellevue, a 184-unit multifamily community in Bellevue, Wash. Working on behalf of the borrowers, Cushman & Wakefield secured the financing from Northwestern Mutual.
The note pays off an existing $58.6 million acquisition loan from 2018, Yardi Matrix data shows. The joint venture purchased the property for $90.8 million from UBS Realty Investors.
Completed in 1985 at 1515 Bellevue Way NE, the community comprises one- and two-bedroom units ranging from 868 to 1,211 square feet. All apartments have fireplaces, washers and dryers.
Cushman & Wakefield Vice Chairman Dave Karson and Executive Managing Directors Alex Hernandez and Chris Moyer, together with Senior Brokerage Specialist Alex Lapidus and Senior Associate Meredith Donovan, secured the deal.
An improved asset in a strong market
The ownership recently invested $5.5 million in unit renovation, while an additional $3.5 million was used to upgrade the community’s amenities that include a fitness center, spa center, sundeck, barbecue area, resident lounge, terrace and heated swimming pool.
The 9.4-acre property is situated just north of Bellevue Square retail center in downtown Bellevue, close to major employers such as Expedia Group and Limeade. Having access to Interstate 405, State Route 520 and Evergreen Point Floating Bridge, the asset is within 11 miles of downtown Seattle and 38 miles of downtown Tacoma.
According to a recent Yardi Matrix report, Seattle’s unemployment rate stood at 2.6 percent as of April 2022, surpassing the U.S. average rate by 100 basis points. Investors traded nearly $1.7 billion in multifamily assets through May 2022, representing double the amount recorded during the same period last year. Bellevue-West remained an attraction for big companies such as Amazon and Meta, and the submarket scored first place for top submarkets in transaction volume, with $653 million in sales.