58 Luxury Townhomes in Bellevue

Land Bridge to Construction

Project Description

Broadmark partnered with boutique real estate developer Basel Capital Group on its newest development project with $57M in construction capital with a 90+ LTC on true costs. After the borrower secured the site and spent three years, they created a massive land lift and equity by obtaining entitlements for 58 units in Bellevue, WA, which is notorious for its high barrier to entry. The pent-up demand for entry-level homes continues to exceed supply, and the borrower aims to complete construction in 20 months.

The townhomes will be luxurious, spacious, and well-located on Coal Creek Parkway in Bellevue. The development will consist of nine clusters of buildings with varying sizes of homes in each pack. Each home will offer a single wide, two-car garage on the ground level, open kitchen and living space on floor 2, and bedrooms/baths on floors 3 and 4.

The development is in prime real estate near Downtown Bellevue, schools, shopping centers, and major transportation linkages. It is situated next to the I-90 and I-405 intersection and is only a 7-minute drive to downtown Bellevue and a 13-minute drive to downtown Seattle. In addition, the site is also adjacent to Newport High School,
a top public high school in Washington and next to the major regional commercial center, Factoria Mall.

Loan Details

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Bellevue, WA

Broadmark logo

May 2022

Broadmark logo

$57,310,000

Contact Information

Thatcher Milholland, Washington

Douglas Swafford, Oregon & SW Washington

Mike Incrocci, Western Region

Bryan Graf, Western Region

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