CBRE Capital Markets’ Debt & Structured Finance team has secured refinancing for the new Cerasa Apartments, an eight-story, 154-unit, luxury multifamily building in Bellevue.
Jeff Henderson of CBRE’s Seattle office arranged the 15-year fixed rate term on behalf of the borrower, Evergreen Point Development, LLC. The $43,750,000 in financing, provided by a correspondent life insurance company, was in the low four percent range.
“Not only was the rate locked months before TCO, the deal was structured to fund at TCO with limited pre-leasing,” said Jeff Henderson, Vice President in CBRE’s Seattle office. “This was accomplished while providing an aggressive rate and mitigating the lender’s risk.”
“Cerasa has been a great and yet challenging project for Evergreen Point Development, but thanks to Jeff Henderson from CBRE and his team, we were able to achieve our objectives,” said Alex Morcos, Principal, Evergreen Point Development.
Located at 10961 NE 2nd Place, the 134,400 sq. ft. building consists of studios, one-bedroom, and two-bedroom apartments, as well as eight live/work lofts. Unit amenities include floor-to-ceiling windows, imported Italian cabinetry, triple-pane windows, quartz countertops, stainless steel appliances, GigaBit internet. Building amenities include onsite parking, fitness center and a community room with full kitchen, pool table, shuffle board, lounge area and a balcony with multiple BBQ’s.
The building’s downtown Bellevue location is central to the eastside’s retail core and central business district. Bellevue Square and The Shops at Bravern are within walking distance and offer high-end retail, dining and entertainment. With stops one block south and two blocks north of Cerasa, a new light rail line opening in 2023 will connect the property to downtown Seattle and major tech campuses in Redmond. The Bellevue Downtown Park and Bellevue Arts Museum are just a few blocks to the west. Interstate 405, the main north-south thoroughfare on the Eastside, is easily accessible from Cerasa via NE 4th Street less than a block to the north. The tenants will have views of downtown to the west, Mt. Rainier to the south and the Cascade Mountains to the east.
With tech behemoths calling the region home, other major companies have flocked to the area to capture the tech talent pool and the number of tech jobs in the area continues to grow. As South Lake Union approaches its capacity for development, companies have looked to downtown Bellevue for expansion.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
