Developer Create World Real Estate has closed inventory financing of 30.6 million dollars for the residential high-rise Mari in Bellevue, Washington. The 20-storey property is located around ten miles east of downtown Seattle and was completed in autumn 2024.
As part of the transaction, Goodman Capital provided a senior loan of 25.625 million dollars, secured against the unsold units of the new development. JEMM Capital Partners participated with a mezzanine loan of 4.95 million dollars. The financing is designed to support the sponsor during the ongoing sell-out of the 138 condominiums.
Amenities and previous construction financing
The property at 10232 Northeast 10th Street was designed by MZA Architecture, whilst B+H was responsible for the interior design. Amenities available to residents include a sky lounge with a kitchen, a roof terrace with barbecue stations, a fitness centre, and a yoga studio.
- —138 luxury condominiums across 20 storeys
- —Communal areas including a roof terrace, sky lounge, fitness centre, and yoga area
- —Previous construction financing of 95 million dollars by Madison Realty Capital in October 2021
Strengthening the Bellevue submarket
Eric Goodman, Managing Partner at Goodman Capital, highlighted the profile of downtown Bellevue, noting that it has evolved into one of the most prominent urban centres in the Pacific Northwest. Alongside proximity to major employers, the location offers established public transport links as well as shopping facilities, benefiting residents of the Mari project.
Matt Meltsner, Partner and Head of Originations at JEMM Capital Partners, explained that the commitment reflects the firm's ongoing focus on supporting high-quality properties in dynamic markets alongside experienced project partners. Bellevue-based Create World Real Estate had previously secured a 95 million dollar construction loan from Madison Realty Capital in October 2021 for the development of the residential tower.
