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December 12, 2019

CBRE secures $47M for Bellevue apartments

CBRE announced that it has secured a $47 million construction loan for Surrey on Main Flats, a 125-unit apartment project planned at 10777 Main St. in Bellevue. CBRE's Mollie Means and James Bach led the effort. The money comes through the U.S. Department of Housing and Urban Development (HUD), with an interest-only construction period of 20 months. After that, it's a 40-year, non-recourse, fully-amortizing permanent loan. Pastakia + Associates is the developer working for the longtime family owner of the corner property. Encore Architects designed Surrey on Main, and general contractor Pavilion is expected to break ground on the project this month.




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