Town Square Plaza

Transaction Overview
Property Type: Multi-family
Transaction: New development, Debt and equity placement, Property disposition

Transaction Background
In 1995 Michael Christ, a Bellevue, Washington based developer, optioned a prime, luxury multi-family development site in Bellevue, but he lacked the financing to complete the project.

Transaction Summary
CBA's underwriting demonstrated a healthy, 99%-occupied market that justified rising rents. Recognizing that Christ's project had already cleared many of the hurdles in the arduous approval process, CBA purchased 50% of Michael Christ's interest, committed to provide the pre-development capital, arranged the construction loan, and introduced a seasoned, Connecticut based multi-family developer as an additional equity partner.

The property, Town Square Plaza, a 191-unit complex with underground parking and 6,840 square feet of retail, was sold one year after completion and realized a substantial profit.