Project advances with financing through Microsoft’s Affordable Housing Initiative that provides lower-cost capital to ensure long-term affordable rents
February 28, 2022 – Bellevue, Wash. – Local developer SRM and local non-profit housing developer DASH today announced a partnership to develop a 4.55-acre Bellevue site near future light rail stop and add more than 235 new affordable housing units, serving households earning between 50 – 100% area median income (AMI). SRM acquired the site and SRM and DASH will work jointly on entitlement changes, permitting and construction.
Located at 991 118th Ave SE, the 4.55-acre site is already entitled and permitted for two buildings:
991 West is an entitled and permitted site for 135 units of 1- and 2-bedroom workforce apartments for residents earning 80%-100% AMI. The construction is slated to start this summer and will be complete late 2023.
991 East is a half-constructed 150-unit hotel. The hotel would require new zoning to convert to multifamily use. This process would reconfigure the design from 150 hotel rooms to 100 1-, 2-, and 3-bedroom affordable apartments for lease to residents earning below 60% AMI. This building could be complete as early as Q4 2024.
DASH, an affiliate of Bellevue-based non-profit Transforming Age, is a non-profit housing developer founded in 1991 to provide workforce, family, and senior housing close-in to the City’s downtown core, where there is easy access to transit, work, and services. Of the organization’s 800 affordable housing units, 272 units are in the City of Bellevue’s Downtown and Wilburton neighborhoods, housing nearly 500 people.
“Securing the property would not have been possible without Microsoft’s involvement through a $25M loan via their very innovative Expanded Land Acquisition Program (ELAP) administered by the Washington State Housing Finance Commission (WSHFC),” said Chris Buchanan director of real estate development at DASH. “The extremely competitivereal estate market in Bellevue meant that for this deal to work, we needed financing that could come together very quickly – the ELAP loan allows affordable housing developers to bring in cost- effective capital, ensuring project costs stay low and better leverages public dollars for the permanent financing.”
SRM is a privately owned real estate company specializing in multi-family, senior housing, affordable, and mixed-use development and construction in urban markets across the western United States. In addition to this project, SRM’s new affordable housing division has more than 800 affordable homes in the pipeline over the next two or three years. They continue to seek strategic partnerships for these important projects to ensure long term success and viability.
“Bellevue is one of the most competitive real estate markets in the country right now,” said SRM Affordable Housing Director Conor Hansen. “Creating new affordable units in Bellevue, at a variety of income levels is extremely challenging. It requires creative, intentional deals like this one. We could not have brought this deal together without Microsoft’s partnership and commitment to affordable housing on the Eastside.”
“Many things still have to happen before we realize the overall goal of additional housing, but securing this property was a major hurdle and necessary step,” said Microsoft Philanthropies Senior Director Jane Broom. “This work is only possible due to the engagement and diligence of many public, private, and non-profit partners to pursue new avenues to ensure responsible and equitable growth on the Eastside.”
DASH develops, owns and operates 13 affordable housing communities for seniors as well as workforce housing in King County, WA. Founded in 1991, DASH envisions a community where everyone has the right to live in a quality, safe, well-maintained home. As an affiliate of Transforming Age, DASH is committed to serving Transforming Age’s non-profit mission to create unlimited possibilities to enhance the lives of older adults by integrating housing, community services, technology, philanthropy and partnerships.