SRM Secures Construction Loan for Microsoft-Backed Workforce Housing

Developer SRM plans to start construction on a lower-cost apartment building off of Interstate 405 south of downtown Bellevue, Oregon, reported the Puget Sound Business Journal. The beginning of the five-story, 135-unit project comes after the company 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 located at 991 118th Ave. SE, includes turning a half-built, 150-room hotel into apartments. Dale Sweeney Architects is the architect for Nuovo, and Baldwin Construction is the general contractor.

Microsoft supports the project through its affordable housing initiative. Privately owned SRM is headquartered in Spokane an develops multifamily, senior housing and mixed-use projects across the western U.S. In addition to the Bellevue project, SRS has nearly 1,500 affordable housing units scheduled for completion in the Puget Sound region over the next three to five years.