Cushman & Wakefield Arranges $91.9M Construction Loan for Bellevue Station Apartment Project in Washington

by Amy Works

BELLEVUE, WASH. — Cushman & Wakefield has arranged $91.9 million in construction financing for Legacy Partners and New York Life Real Estate Investors for the development of Bellevue Station, a transit-oriented multifamily property in Bellevue.

Located at 1525 132nd Ave. NE in Bellevue’s Bel-Red submarket, Bellevue Station will feature 288 apartments, including 230 market-rate units and 58 below-market Multifamily Tax Exemption units. Community amenities will include a gym with a separate yoga zone, coffee bar, rooftop club room with terrace and an indoor/outdoor/games room. Additionally, the lobby will offer co-working space with open booths for residents.

Upon completion in first-quarter 2025, Bellevue Station will sit along the newly expanded East Link light rail station.

Dave Karson, Chris Moyer and Keith Padien of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in the financing, which JPMorgan Chase provided. The team also arranged the joint-venture equity for the development of the project earlier this year on behalf of Legacy Partners.

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