Updated Oct 12, 2026
Bank OZK Provides $72.5 Million Development Loan To SRM Development For Bellevue Project
1051 108th Avenue Northeast
$72,500,000
Units
239
Asset Type
Development Site
Closing
Oct 7, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 1051 108th Avenue Northeast in Bellevue, WA. The site is designated for a 239-unit apartment project known as Brizo. The loan amount involved in the transaction is $72,500,000, provided for the development of this site in the downtown Bellevue market.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $72,500,000
- Lender: Bank OZK
- Landlord: SRM Development
- Date of Transaction: 10/07/2026
Bank OZK is the lender facilitating the development loan, while SRM Development is the landlord involved in this project. The transaction is a significant step in the development of residential units within the downtown Bellevue area.
On the Map
$72,500,000
Development Site
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Players
Bellevue Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93