Hunt Mortgage Procures $44M for Seattle Community
Soma Towers consists of two buildings offering 276 units, of which 20 units are affordable. Soma Towers Phase II was developed by Soma Towers DE LLC, in 2016.
By Adina Marcut
Hunt Mortgage Group together with Freddie Mac provided a $44 million, eight-year term loan for the refinancing of Soma Tower Phase II, a 125-unit community located in Bellevue, Wash. Soma Towers DE LLC, a Delaware Limited Liability company developed the property in 2016.
Situated on an approximately 0.4-acre site, the Class A mixed-use development comprises one 17-story building offering 15 stories of residential apartments and three stories of commercial space. Soma Towers is a 276-unit community comprised of two 17 and 21-story buildings, featuring a mix of studios, one-, two- and three-bedroom units ranging in size from 400 to 1,176 square feet. The project includes amenities such as:
- lap pool and hot tub
- penthouse lounge with gourmet kitchen and outdoor terrace
- barbecue area with fire pit
- business center
- strength studio
- break area for pets
- dog wash
Located at 288 NE 106th Ave., the development is in close proximity to various shopping, entertainment, dining and restaurant options. Resonance at Soma Towers, Bellevue Arts Museum, Meydenbauer Center and Downtown Park are also nearby. According to data provider Yardi Matrix, 20 units are affordable. Bohlin Cywinski Jackson designed the project.
“Soma Towers Phase II is in excellent condition, had great curb appeal, is the newest property in the submarket, and provides a competitive amenity package,” Jeffrey Ballaine, vice president at Hunt Mortgage Group, said in a statement. “The borrower is a quality local investor that has been developing and building multifamily properties in the Puget Sound area since 1981.”
Image courtesy of Some Towers