Alley 111 includes 260 apartment units and retail space on the ground floor. Photo courtesy of Bellwether Enterprise

Bellwether Enterprise closes $51 million refinancing for multifamily property in Bellevue

  • Thursday, September 14, 2017 2:41pm
  • Business

Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., announced Thursday the closing of a $51 million refinancing loan for Alley 111, a multifamily property located in Bellevue.

The property includes 260 apartment units and retail space on the ground floor, and serves as a dynamic focal point in downtown Bellevue.

“We are thrilled to add the booming city of Bellevue to the comprehensive portfolio of real estate markets we serve,” Ned Huffman, president of Bellwether Enterprise, said. “The Bellwether Enterprise team has a strong history of playing an integral role in maintaining and enhancing properties that provide core services to their communities. Alley 111 is the perfect example of this, with its highly-desirable features, picturesque location, and diverse offerings.”

Constructed in 2015, Alley 111 is a 12-story multifamily property that features 260 apartment units on floors 2-12, various retail options on the ground floor, and three stories of below-ground parking. The property boasts scenic mountain views and offers Nest thermostats, stainless steel appliances, and multiple high-speed Internet connections in each apartment unit. Community amenities include a rooftop deck and lounge, a fully-equipped fitness center, storage lockers for skis and snowboards, dry cleaning services, and more. Additionally, the 4,964 square feet of retail space on the ground floor provides a unique corridor—referred to as “the Alley”—lined with seating and restaurant options, including Minamoto Japanese Cuisine and Honor Coffee.

The loan’s originator, Laurie Morfin, senior vice president of Bellwether Enterprise in the Irvine office, arranged the loan for the borrower using Nationwide as the lender. The permanent financing is a 10-year fixed rate loan with full-term interest only.

“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,” Morfin said. “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.”

Bellwether Enterprise provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on Bellwether Enterprise’s services, visit www.BellwetherEnterprise.com.

More in Business

Courtesy photo
                                Mercer Island financial adviser Bob Toomey recently summited Mount Shasta in California.
Financial success and mountaineering | Financial advice

The steps to achieving financial success mirror mountain climbing.

Overlake Hospital’s new operating rooms allow for cutting-edge heart procedures

Spacious rooms allow for more equipment, innovation and collaboration.

Eastside business booms with summer options

Locals can visit numerous new developments this summer, all within Eastside communities.

Molly Moon’s will soon open a walk-up shop in downtown Bellevue. Courtesy of Molly Moon’s
Molly Moon’s to offer walk-up shop in Bellevue

The homemade ice cream company is expanding on the Eastside to downtown Bellevue.

Rates and inventory bring opportunities for buyers

A real estate snapshot by John L. Scott Real Estate.

Bellevue Chamber of Commerce / courtesy photo
                                (From left) store lead David Heimann, Bellevue store manager Brody Rodgers and store lead Kirby Fralick. celebrate at the Bellevue Tempur-Pedic flagship retail store ribbon cutting on March 7.
Tempur-Pedic opens a flagship location in Bellevue

The store is the company’s 42nd location in the United States.

Bellevue Chamber launched environmental partnership

The partnership with Mountains to Sound Greenway Trust gives locals access to volunteer events.

‘Busy’ housing market enters pre-summer phase

A monthly real estate snapshot from John L. Scott Real Estate.

Samena Swim & Recreation Club now hosts two human-powered treadmills that will allow members to participate in a global Earth Day contest to see who can generate the most power in five minutes. Samena Swim & Recreation Club / courtesy photo
Local recreation club harnessed human power

Samena Swim & Recreation Club recently installed human-powered treadmills to celebrate Earth Day.

Amazon currently leases three buildings in Bellevue and plans to move its entire Seattle-based worldwide operations team to the city by 2023. Bellevue will also see transportation improvements in 2023 as Sound Transit constructs the East Link extension. Kailan Manandic / staff photo
Amazon confirms move to Bellevue

The company’s worldwide operations team will make the move by 2023.

(Left to right) Josh Marti, co-founder and chairman of Point Inside; Jimmy Ng, vice president and senior business banking relationship manager of KeyBank; Zara Huang, Global Public Relations manager for Dragonchain; managing partner, Doug Bixel with FSorb; Shiraz Cupala, vice president of UX and Incubation at OfferUp; Theresa Larsen, investor relations officer for Jubilee REACH; Lindsey Hoffman, director of Business and Finance at Jubilee REACH; city of Bellevue deputy mayor, Lynne Robinson; and Joe Fain, president and CEO of the Bellevue Chamber of Commerce pose for a picture after the award ceremony. Mike Nakamura / courtesy photo
Bellevue Chamber awards local businesses for excellence

The 30th annual Eastside Business Awards recognized small business, non-profits and innovation.

Nintex acquires EnableSoft in company acquisition

Bellevue-based company is a world leader in workflow automation industry.