Sysoma Partners is seeking $2M in pre-entitlement funds for a 79,000 square foot residential mixed use development in Bellingham Washington.

Deal Overview

Project Name: Hollyline

Location: West Holly Street, Bellingham, WA

Asset Type: Class A – Residential Mixed Use Infill

Executive Summary: West Holly Street sits at the confluence of Old Town’s redevelopment vision and Bellingham’s waterfront revitalization plan — two initiatives that will redefine the city’s urban core. The Old Town Overlay opens an unprecedented opportunity for medium-density, mixed-use infill development in a walkable, view-rich district connecting downtown to the bay. A yield study shows we can build the following:

  • 65 residential rental units

  • Curated food + beverage

  • Grocery as anchor tenant

  • A rooftop amenity space with sweeping views of the bay

Incentives:

  • Up to 80% impact fee waivers

  • 8 Year Multifamily Property Tax Exemption with no affordability requirements

  • Generous Floor Area Ratios

Schedule:

  • Land acquisition: Q4 2025

  • Design & Entitlements: Q1 2026 – Q1 2027

  • Construction: Q2 2027 – Q2 2028

  • Lease-up / Stabilization: Q3 2027 – Q3 2028

  • Sale: Q4 2030

Investment Highlights

Capital Roadmap: $2M pre-entitlement raise, followed by a $11M post-entitlement raise and construction financing to reach occupancy.

Projected Stabilized NOI: $3M

Projected Exit Value: Building will be sold in year 5, valued at approximately $55M

Hold Period: 3 – 5 Years

Target Returns: 20%+ IRR, 1.8×-2.2× equity multiple

Minimum Investment: $250,000.00

The Bellingham Market

Bellingham sits perfectly between Seattle and Vancouver, the two economic and cultural engines of the Cascadia region. Both cities are facing runaway housing costs, congestion, and infrastructural limits, driving migration toward mid-sized cities that offer quality of life, cultural vitality, and environmental proximity. Bellingham is that next frontier — a human-scaled city poised for intelligent growth.

With vacancy rates hovering around just 3%—half of what’s required for a balanced housing market—and population growth nearing 4% annually, the city recognizes that supply simply can’t keep up with demand.

In response, Bellingham has enacted some of the most progressive development incentives in Washington State, designed to attract forward-thinking builders and investors. These include 12-year multifamily tax exemptions, impact fee waivers of up to 80%, and exceptionally generous floor area ratios that enable greater density and flexibility in design.

Bellingham offers the perfect blend of under recognized potential and accelerating demand. The fundamentals are strong — rising rents, limited supply, high quality of life, and expanding infrastructure — but valuations have not yet fully priced in the long-term growth of the Cascadia Corridor.

Bellingham has spent over two decades planning the transformation of Old Town. We have the corner lot, the zoning, and the momentum to lead that transformation.

About Sysoma Partners

At Sysoma Partners, our approach to real estate investment is grounded in a commitment to regenerative value creation. We do not simply develop buildings; we cultivate ecosystems of place—projects that generate financial returns while also strengthening the cultural and ecological fabric of the communities in which they are rooted. Our work is guided by an ethos of stewardship: stewarding capital wisely, stewarding relationships with integrity, and stewarding land with care.

The Team

Management: Joel Fariss, Sysoma CEO

Architecture: DillJames, Gensler

Construction: Timberlab, Swinerton

Debt & Underwriting: Matt Beal, Bellevue Capital Group

Legal & Compliance: Jim Black, Impact General Counsel

Finance, Tax, & Compliance: Jeff Curtis CPA, Sensiba

Interested in learning more? We’d love to talk.

Book time with Joel Fariss here.