SRM Development has recently closed a $38 million construction loan for the first phase of the Nuovo multifamily housing project in downtown Bellevue. The project aims to add hundreds of below-market housing units next to the light rail, with each unit offering below-market rents. Interestingly, this initiative is made possible through Microsoft’s Affordable Housing Initiative, as the buildings will not rely on any public funding.
The first phase of the project will consist of a five-story building with 135 workforce apartments, catering to residents earning 80%-100% of the area’s median income (AMI). Construction is set to begin later this month at the project’s 4.55-acre site at 991 118th Ave SE. Washington Trust Bank has provided the construction finance for this phase. Once construction is completed, SRM plans to transfer ownership of the building to a qualified non-profit housing operator to ensure long-term affordability.
In addition to the Nuovo project, SRM Development has also collaborated with Microsoft’s Affordable Housing Initiative and other organizations like Amazon and the Urban League of Metropolitan Seattle to protect and maintain affordable housing units. This includes a $97 million agreement involving six apartment complexes and support from Amazon’s Housing Equity Fund and the City of Seattle’s Office of Housing.
The second phase of the project, known as 991 East, is currently under construction. It will offer up to 200 affordable apartments for rent, catering to individuals earning less than 60% of the area’s median income (AMI).
More about SRM Development and the Nuovo multifamily project
SRM Development is a privately held real estate firm focused on affordable and mixed-use development and construction in the western US. Their collaboration with Microsoft’s Affordable Housing Initiative and other organizations highlights their commitment to addressing the need for affordable housing in metropolitan markets.
Closing Statements
1. What is the Nuovo multifamily project?
The Nuovo multifamily project is a housing development in downtown Bellevue that aims to add hundreds of below-market housing units next to the light rail. It is divided into two phases: the first phase will consist of a five-story building with 135 workforce apartments, and the second phase, known as 991 East, will offer up to 200 affordable apartments for rent.
2. How is the Nuovo project funded?
The Nuovo project does not rely on public funding. The construction loan for the first phase, worth $38 million, has been obtained through a private agreement with Washington Trust Bank. The second phase is likely funded through a similar arrangement.
3. What is Microsoft’s role in the project?
Microsoft’s Affordable Housing Initiative is playing a crucial role in the Nuovo project. Through this initiative, Microsoft is partnering with SRM Development to create below-market housing units without utilizing public funding.
4. What is SRM Development’s approach to affordable housing?
SRM Development focuses on affordable and mixed-use development and construction in metropolitan markets. They collaborate with organizations like Microsoft and Amazon to protect and maintain affordable housing units, ensuring long-term affordability for low- and moderate-income individuals.
5. How will long-term affordability be maintained?
SRM Development plans to transfer ownership of the buildings to qualified non-profit housing operators after construction is completed. This step ensures that the buildings continue to offer affordable rents in the long term.
