108 North

Transaction Overview
Property Type: Multi-family
Transaction: Land acquisition / disposition

Transaction Background
Michael Christ, a Bellevue, WA developer and CBA joint venture partner optioned several parcels of prime land in Bellevue to create an assemblage sufficient to develop a luxury multi-family project similar to Town Square Plaza. Due to their longstanding relationship and exceptional market conditions, CBA provided the equity required to retain the optioned parcels.

Transaction Summary
CBA led a group that purchased a 50% interest in an option to purchase land in Bellevue, WA to develop a luxury, multi-family project. The planned development was similar to CBA's successful Town Square development. Given the exceptional market conditions, CBA was able to pre-sell the land to BRE Properties, subject to receipt of all municipal approvals. After all of the pre-sale contingencies were satisfied, the property was transferred to BRE Properties.