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September 28, 2017

CBRE secures loan for 128 Uptown

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Zella

The 128-unit Zella is now under construction at 429 Second Ave. W. in Lower Queen Anne. CBRE Capital Markets said it secured $33 million in construction financing. Mollie Means and James Bach originated the loan through HUD's Section 220 new construction mortgage insurance program. It has an interest-only construction period of 19 months, with a 40-year, non-recourse and fully amortizing permanent loan. The family ownerhip is replacing an older apartment building with a new seven-story structure designed by Encore Architects and being built by Graham Construction. Pastakia & Associates is the fee developer. The project used both MFTE and HALA incentives for an upzone, and will include 26 units of varying levels of afforability. It will be managed by an affiliate of Greystar.




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