About this Property in Bellevue, WA – Office and Retail Refinance

Bellevue, WA — Entitled Multifamily Bridge Financing

Loan Amount: $5,825,000
Loan Type: Bridge Loan (Entitled Multifamily Development Site)
Property Type: Fully entitled 215-unit multifamily project with existing office improvements
Use of Funds: Refinance existing debt and provide runway to market a fully entitled multifamily site for sale

Overview

Enact Partners provided bridge financing for a fully entitled 215-unit multifamily development site in Bellevue, Washington. The property is located in the Bel-Red corridor, a rapidly evolving district supported by strong tech-driven demand and adjacency to a new light rail station. The project includes a meaningful affordable housing component, making it eligible for local tax exemption incentives.

An existing ±17,700 SF office building on the site is approximately 97 percent occupied with short-term leases, offering stable interim income while maintaining flexibility for a future sale. The borrower previously received offers as high as $15 million, and renewed interest is expected from well-capitalized affordable housing developers.

The entitlement package, scarcity of comparable sites, and strong demand for both market-rate and affordable housing position the project well for buyer engagement once marketing efforts begin. The bridge loan creates the runway needed to bring the site to market while preserving the borrower’s control and timing.

Loan Structure

The $5,825,000 loan was structured to refinance the existing note and support a smooth sale process:

• Loan Proceeds: Payoff of the current loan and capital to support transaction runway
• Interest Support: Combination of interest reserve and in-place rental income from the office building
• Term: 12-month bridge loan providing time to market the site to qualified multifamily developers
• Flexibility: Short-term leasing structure allows seamless transition to future buyer needs

Bellevue Market Dynamics

Bellevue’s Bel-Red corridor is one of the region’s most supply-constrained development zones, driven by demand from nearby major employers including Microsoft, Amazon, Meta, and Google. The availability of fully entitled multifamily sites in this area is extremely limited, heightening buyer interest even in cautious market conditions. The project’s blend of market-rate and affordable units further aligns with ongoing public and private initiatives to expand attainable housing.

Sponsorship

The sponsor brings decades of experience in commercial real estate ownership, operations, and entitlements through their management company. Their in-house team oversees leasing, property management, and entitlement strategy, resulting in historically strong occupancy and successful navigation of complex municipal processes. They have also invested significant capital into the entitlement and planning phases of this project.

Exit Strategy and Expected Outcome

The primary exit strategy is a sale to a qualified multifamily developer. Prior offers reached $15 million, and the sponsor anticipates renewed interest from affordable-housing groups supported by major corporate funding programs. The strong entitlement position, scarcity of comparable sites, and ongoing demand for housing in Bellevue provide a solid foundation for a successful sale.

Enact’s financing allows the sponsor to maintain control of the property while preparing the site for market, ensuring buyers have a clear, fully-entitled development opportunity in one of the region’s most desirable corridors.