Surrey On Main Flats In Bellevue Refinanced For $47M
Pastakia Real Estate Development recently refinanced the Surrey on Main Flats development for $47M.
The loan was funded by the Department of Housing and Urban Development's Section 220 new construction mortgage insurance program. Mollie Means and James Bach of CBRE’s Debt and Structured Finance team in Seattle originated the loan through CBRE’s FHA lending platform on behalf of the borrower, Surrey on Main LLC.
The Bellevue property sits in the southern part of the central business district, where Main Street and 108th Ave. SE intersect. The development will include 125 residential units and more than 1,650 SF of ground-floor commercial space. The building will be six stories high and include studio and one-bedroom through three-bedroom units with below-grade parking.
Construction is set to be completed in the summer of 2021, according to Network.
Business in Bellevue was booming even before Amazon announced it would bring thousands of jobs to the tech-friendly city from its headquarters in Seattle.
With Sound Transit’s plans to open its 14-mile East Link in 2023, development around these hubs and near the city is kicking into high gear. The city is ready, Conrad Lee told Bisnow last month.
“Who would have thought that Amazon would move into Bellevue,” Lee said in November. “We have been poised for growth, but you can never anticipate the timing."
These housing units, which will open before Amazon moves in, could help ease a potential housing crunch.
Encore Architects serves as the architect on the project and the general contractor is Pavilion Construction. The property will be managed by Blanton-Turner.
