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.