Basel Capital has landed $57.3 million in construction financing for its first solo multifamily project in the Seattle area, the company announced. Broadmark Realty Capital provided the loan, which will be used to build Cambridge Manor in Bellevue, Wash. The loan was originated by Broadmark’s Mike Incrocci.
Basel Capital started construction on the multifamily project in February 2022, Lucy Chen, vice president at Basel Capital, told Multi-Housing News. Chen also told MHN that the first group of model units will be completed in March 2023, while the overall project is expected to be completed by December 2023. The developer tapped Westcloud Construction as the general contractor for the project.
READ ALSO: Multifamily Developers Hampered by Regulation-Related Costs
The 58-unit Cambridge Manor will have its units spread throughout 9 four-story townhome-style buildings. The three- and four-bed units will range from 2,056 to 3,345 square feet, and 27 of the units will have access to in-unit elevators. The community’s amenities will include a dog park, two open space areas and two playgrounds. George Li, chairman of Basel Capital, said in prepared remarks that the community was designed for multigenerational families and will be one of the largest luxury residential projects in Bellevue.
Located at 12855 Coal Creek Parkway SE in Bellevue’s Factoria suburb, Cambridge Manor is a seven-minute drive from downtown Bellevue and its many restaurants, retail options and attractions. The community also has nearby access to I-405, which connects to I-90 and Seattle.
Basel’s first solo Seattle project
Chen said that Cambridge Manor is the first project being solely developed by Basel Capital in the Seattle area. She added that the company also has other multifamily and planned community projects in the pipeline.
The majority of Basel Capital’s portfolio is within the residential sector, but the firm also invests in a number of mixed-use projects. While the company is primarily focused on the U.S., it also has a several projects in Hong Kong and China.