New York Life Real Estate Investors, on behalf of New York Life Insurance Company, has announced the financing of Sparc Apartments, a 309-unit, class A, multifamily property located in Bellevue, Wash.
The property is situated in the heart of Bellevue’s new Spring District, a major, master-planned, mixed-use, transit-oriented development proximate to Microsoft’s world headquarters and the new Global Innovation Exchange. The $72 million 10-year, fixed-rate loan provides acquisition financing to Sparc Homes for its $150 million acquisition of the property.
“We are pleased to provide financing for the Sparc Apartments. It is a best-in-class property with top-quality amenities and an excellent location in Bellevue’s exciting new Spring District. The eastside of King County is a strong multifamily housing market with great fundamentals,” said Kirk Kniss, senior director in New York Life Real Estate Investors’ western regional office.
Wells Fargo Commercial Mortgage acted as mortgage broker for Sparc Homes on the transaction.
