Bellwether Enterprise Closes $51M Refi

The company arranged the refinancing of Alley 111, a 12-story apartment building offering a mix of studios, one- and two-bedroom units, along with 4,000 square feet of retail space.
Alley 111
Alley 111

Bellwether Enterprise, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., closed a $51 million, 10-year fixed-rate refinancing loan for Alley 111, a 260-unit community in Bellevue, Wash.

The four- and 12-story building features a mix of studios, one- and two-bedroom units averaging 683 square feet. According to data provider Yardi Matrix, the average rental rate was $2,239 as of August.

Common area amenities include:

  • rooftop lounge with full kitchen, bar and large TV
  • creative common area for meetings
  • fully-equipped fitness center with flat-screen TV
  • an Alley with unique dining options
  • private social network for residents
  • dry cleaning drop-off and pick-up

Transit-adjacent community

Located at 1101 NE 9th St., the community is in close proximity to Bellevue’s Transit Center Boarding stations, a mix of dining, shopping and entertainment venues such as Bellevue Downtown Park, Overlake Medical Center, Hillfair Shopping Center, Best Buy and The Home Depot. Additionally, Alley 111 offers nearly 5,000 square feet of ground-floor retail space. Recently, the company secured a $67 million loan for the acquisition of two multifamily communities, one in South Carolina and the other in North Carolina.

“By leveraging our strong lender relationships and capitalizing on Alley 111’s prime location and unmatched amenities, our team was able to secure a competitive loan for this property,” Laurie Morfin, senior vice president of Bellwether Enterprise, said in a statement. “The newly expanded Irvine office has hit the ground running, demonstrating our superior capabilities in providing flexible financing solutions and tailoring them to meet our clients’ specific needs.”

Laurie Morfin, of Bellwether’s Irvine office, arranged the loan for the borrower using Nationwide as the lender. 

Image courtesy of Yardi Matrix