SRM secures construction loan for Microsoft-backed Bellevue workforce housing project
07.19.2023
Heartland is proud to support Microsoft on this exciting project! Nuovo is a 135-unit apartment development that will be affordable to households with income of 80-100% of area median, and which will be developed by SRM. It is part of Microsoft’s $750M Affordable Housing Initiative, a multipronged effort to create innovative and replicable models to address housing affordability in the Puget Sound region.
Since 2020, Heartland has provided advice and implementation support to Microsoft on this initiative, including developer outreach, capital structuring, and opportunity underwriting and negotiation to facilitate the development and preservation of housing for people experiencing homelessness, low-income households (up to 60% of area median income), and middle-income households (60% to 120% of area median income).
