Crossroads Garden Apartments
Crossroads Garden Apartments is a new affordable housing property in Bellevue, WA, the most expensive housing market in the State.
It was developed by Great Expectations LLC in 2024 as an adaptive re-use project, successfully converting a closed Senior Living facility to housing.
The project was completed on time and under budget in just 10 months from closing to grand re-opening.
Location
15750 NE 15th Street Bellevue, WA 98008
Scale, Unit Types, Affordability
- 108 homes, including studio, 1BR and 2BR +den
- 75% at 60% AMI, 25% at 80% AMI
Notable Partnerships
- King County, LIHI and ReWA provided rental and voucher assistance to asylum-seeker families
- Co-developed with the AOF/Pacific Housing Foundation
Mixed-Use / Non-Housing
None
Total Development Cost
$25 M
Funding Sources
- Private Activity Bonds, $13M: Tax-exempt bonds issued by the Washington State Housing Finance Corporation
- Amazon Housing Equity Fund:, $11M: Subordinated debt tied to a 99 year affordability covenant
- Impact Equity, $2M: Sourced from AOF/Pacific and Great Expectations LLC
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