Low Tide Properties and Continental Properties recently completed $9 million in renovations at urban property in strong market
C&W also in the market with a $135 million financing request for same ownership for Met Tower, a 366-unit luxury apartment building undergoing major renovations in Seattle
SEATTLE, Wash. – August 24, 2022 – Cushman & Wakefield announced the firm served as the exclusive advisor to affiliates of Low Tide Properties and Continental Properties, LLC, in arranging $60 million in financing in connection with the refinancing of The Park in Bellevue multifamily project in Bellevue, Washington. The lender was Northwestern Mutual.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus, and Meredith Donovan represented the borrower in the transaction.
The Park in Bellevue is a high-quality 184-unit garden-style apartment property comprising 24 buildings located at 1515 Bellevue Way NE. Originally built in 1985, the property features one- and two-bedroom floor plans along with 275 parking spaces on site. The property is well located just three blocks from downtown Bellevue.
Ownership just recently completed a comprehensive $5.5 million renovation spanning all 184 units. An additional $3.5 million has been spent to renovate the property’s amenity package including a brand-new heated pool, resident lounge, terrace, state-of-the-art fitness center, and sundeck equipped with barbecues.
Vice Chairman Dave Karson said, “The permanent financing market is starting to look like a more attractive option given the trajectory for the secured overnight financing rate (SOFR) today. The agencies and Life Co’s still have attractively priced money and are especially competitive for quality owners like Low Tide.”
Executive Managing Director Alex Hernandez added, “The Bellevue multifamily market has experienced tremendous growth over the past several years and has risen to one of the top regions for domestic and foreign real estate investors. Demand has surged, primarily due to a large influx of tech workers and the high cost of homeownership.”
The Park in Bellevue offers a premier live-work-play environment near downtown and that is easily accessible to a multitude of restaurants, supermarkets, fitness centers, and other retailers (a 10-minute walk to Bellevue Square). Additionally, the property is a short walk to a main bus stop and has immediate access to the I-405 and State Route 520 freeways.
Additionally, on behalf of Low Tide and Continental Properties, Cushman & Wakefield is also currently in the market with a $135 million, 10-year fixed-rate financing request for Met Tower, a 366-unit luxury apartment building in Seattle, Washington. The 31-story apartment building was built in 2001 and features 366 for-rent, 100% market rate residential units. The property is currently undergoing a $10 million unit renovation program in addition to $15 million+ in planned amenity upgrades including a state-of-the-art fitness center, club room, outdoor kitchen and parking garage improvements.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services.