Developer SRM has secured a $38 million construction loan for the first phase of their lower-cost apartment building project, Nuovo, located off Interstate 405 south of downtown Bellevue, Oregon. Washington Trust Bank is the lender on this five-story 135-unit development. The second phase includes turning a half-built 150 room hotel into apartments and Dale Sweeney Architects and Baldwin Construction are involved in that process as well. Microsoft supports this project through its affordable housing initiative and SRS has nearly 1,500 affordable housing units scheduled for completion in the Puget Sound region over the next three to five years.
Privately owned SRM is headquartered in Spokane an develops multifamily, senior housing and mixed use projects across western U.S., including this Bellevue workforce housing project which recently closed its construction loan with Washington Trust Bank according to Puget Sound Business Journal reports .
