Two affordable housing developments will begin construction later this year after the Bellevue City Council approved more than $37 million in funding allocations earlier this month to expand affordable housing opportunities in the city.
This investment is the largest single affordable housing funding round in the city’s history. The money will support four projects in Bellevue, totaling 271 units of affordable housing and an additional 234 throughout the Eastside. The city’s Affordable Housing Strategy aims to build or preserve 5,700 affordable units over the next 10 years.
“These funds will create new affordable housing for families throughout Bellevue and across the Eastside, in primarily walkable neighborhoods,” said Bianca Siegl, director of the city’s Office of Housing. “This record funding award demonstrates Bellevue’s continued efforts to ensure Bellevue is a place everyone can afford to call home.”
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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