SEATTLE (June 13, 2022) – Basel Capital today announced it has successfully closed on $57.3 million in construction financing for Cambridge Manor, its 58-unit multi-family project in the prestigious Factoria area of Bellevue.
The project, at 12855 Coal Creek Parkway SE, sits on a 5-acres land and includes 58 condos in 9 four-story ‘townhome style’ buildings. Units will vary in size from three to four bedrooms ranging from 2,056 to 3,345 square-feet.
The community has been designed with family in mind, especially multi-generational families. Family friendly features and amenities include a resident-only dog park, two common open space outside areas and two children’s playgrounds. 27 of the units will also be served by in-unit elevators.
“Basel Capital is pleased to partner with Broadmark Realty Capital in the development of Cambridge Manor, one of the largest luxury residential projects in Bellevue,” said Basel Capital Chairman Dr. George Li. “The closing of this loan kicks off a new project phase for us and in the coming months we are going to start seeing the site transforming into a purpose-built townhome community perfectly tailored for multi-generational families.”
Mike Incrocci originated the loan for Broadmark Realty Capital.