Bellwether Housing Pays $49M for Seattle-Area Properties

The BLVD

The non-profit Bellwether Housing has acquired two garden communities with a total of 213 units in King County, Washington. The affordable housing company paid a combined $ 49.2 million for the BLVD with 136 units in Kent, Washington and the Marina Club with 77 units in Des Moines, Washington, according to public records.

The new owner plans to completely convert the property into affordable housing. This makes the communities accessible to residents who earn between 60 and 80 percent of the median income in the region.

The buyer used two sources to finance the investment. JLL Capital Markets secured a total of $ 24.8 million on both properties, funded by Amazon through its $ 2 billion Housing Equity Fund, while Citibank secured a $ 13 million senior loan for a total of $ 13 million financed the acquisition of The BLVD.

Citibank’s financing package is a short-term mortgage with a term of one year and an extension option of six months. In contrast, the $ 15.6 million and $ 9.2 million fixed-rate loans funded by the e-commerce giant have a term of 20 years. Part of the Amazon funding will also go to rehabilitate the two communities.

Details of the property

Marina Club

The BLVD spans five buildings on 7 acres at 2136 S. 272nd St. in Kent, while the Marina Club is less than 4 acres at 2445 S. 222nd St. in Des Moines. The latter comprises eight buildings that were completed in 1987. Kent parish was built a year earlier, in 1986.

Both properties offer studios as well as one- and two-bedroom apartments, with floor plans for The BLVD averaging 786 square feet and the Marina Club with units ranging from 580 to 1,013 square feet. Communal facilities include a business center, swimming pool, sundeck, fitness center, spa and playground.

The communities are located in the Des Moines submarket of Seattle, with the BLVD less than 20 miles south of downtown Seattle while the Marina Club is approximately 15 miles away.