Seattle Mixed-Income Community Lands $250M Refi
Barings provided the financing for the property.
Museum House, a Class A, 506-unit multifamily community in Seattle, has received a $250 million refinancing loan from Barings. Cushman & Wakefield represented the borrower, a pension fund, in the transaction. The property was built and is owned by Project Terry LLC, a joint venture of Westbank and OPTrust, according to the building’s architect.
In 2018, the project received a $245 million construction loan from Massachusetts Mutual Life Insurance Co., which matured in November 2025, according to Yardi Matrix. Museum House comprises two residential towers and came online in 2025.
Apartment floorplans include studio, one-, two- and three-bedroom layouts. Of the 506 units, 404 are market-rate apartments while 102 are income-restricted through Seattle’s Multifamily Tax Exemption Program. The property also includes 6,010 square feet of ground-floor retail. Greystar is the property manager.
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Graham Construction and Icon West Construction served as general contractors, while Perkins&Will designed the two 33-story towers. The structures are connected via a glass skybridge. Perkins&Will also incorporated sliding aluminum facade panels featuring perforated imagery inspired by artwork in the neighboring Frye Art Museum’s collection.
Located at 707 Terry Ave. in Seattle’s First Hill neighborhood, Museum House is situated across the street from the Frye Art Museum and about a mile from the waterfront. Interstate 5, Swedish Hospital and the Seattle Public Library are also nearby.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of Executive Vice Chair Dave Karson, Executive Managing Director Christopher Moyer, Executive Director Alex Lapidus and Director Meredith Crawford arranged the financing.
Seattle rents show signs of improvement
Seattle’s multifamily market has shown signs of improvement after seven months of negative movement. Average asking rents across the metro increased 0.2 percent on a trailing three-month basis through May to $2,226, according to a July Yardi Matrix report. Occupancy was recorded at 94.8 percent as of April, down 60 basis points year-over-year.
Earlier this summer, Harrison Street Asset Management and Security Properties refinanced Olin Fields, a 352-unit garden-style community in nearby Everett, Wash. The companies secured an $82.5 million first mortgage loan from Mesa West Capital.
Last month, Pacific Urban Investors purchased A’Capella Apartment Homes in Lynnwood, Wash., from Weidner Apartment Homes. The firm paid $112 million for the 387-unit community, which was completed in 1989.
