SRM secures construction loan for Microsoft-backed Bellevue workforce housing project

As seen in the Puget Sound Business Journal.

Construction is expected to start later this month on this five-story affordable housing project in Bellevue, developer SRM announced on Wednesday.

Developer SRM on Wednesday said it plans to start construction this month on a lower-cost apartment building off of Interstate 405, south of downtown Bellevue.

The planned construction start of the five-story, 135-unit project comes after SRM said it has closed a $38 million construction loan on the project, Nuovo, which is the first phase of the development. Washington Trust Bank is the lender. 

The second phase of the project, which is at 991 118th Ave., SE near Greenbaum Home Furnishings, entails turning a half-built, 150-room hotel into apartments.

Dale Sweeney Architects is the architect for Nuovo and Baldwin Construction is the general contractor.

As previously reported, Microsoft is supporting the project through its affordable housing initiative. All of the apartments in the project, which is being built without public funding, will be offered at below-market rents due to Microsoft’s initiative. 

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