Berkadia has secured a $73.5 million loan to refinance The Madison Bellevue, a 281-unit garden-style multifamily property in Bellevue, Washington.
Senior Managing Director Allan Freedman of Berkadia Los Angeles secured the permanent financing through Freddie Mac on behalf of the sponsor, California-based The Ezralow Company.
Situated at 885 154th Pl NE, the property provides easy access to popular destinations like Barnes & Noble, Edgeworks Climbing, and The French Bakery Crossroads. The Madison Bellevue features one- and two-bedroom layouts, complete with quartz countertops, spacious kitchen islands, hardwood-inspired flooring, full-size washers and dryers, stainless steel appliances, and private patios. Residents can also enjoy a range of community amenities, including a gym, a resident lounge, a pool, and more.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
Learn more
An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
Learn more
The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
Learn moreRe/Max Real Estate Professionals
Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
California
California