Cushman & Wakefield Arranges $110M Seattle Refi
The company secured the loan from Citibank for a luxury high-rise in the vibrant Denny Triangle neighborhood.
Low Tide Properties and Continental Properties have refinanced Met Tower, a 366-unit luxury high-rise multifamily community in Seattle, with a $110 million loan provided by Citibank.
A Cushman & Wakefield equity, debt & structured finance team of Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus and Meredith Donovan were the exclusive advisers to the borrowers and represented them in the transaction.
Karson, the form’s vice chairman, said in a prepared statement that capital is still very much available for the right deals and multifamily continues to be one of the bright spots. He said many lenders and investors recognize that despite all the recent conversation around remote work, living close to employment centers is particularly appealing in volatile labor markets.
Hernandez, an executive managing director at C&W, added the lending community was very receptive to the deal because of the asset and they were pleased to identify a strong partner in Citibank.
Located at 1942 Westlake Ave. in the Denny Triangle area of Seattle, the property is across the street from Amazon’s Doppler Building that houses part of its corporate headquarters. The transit-oriented building also offers residents nearby access to the SLU Streetcar and is a short walk from the Westlake Station Transit Center. The Denny Triangle is also considered a premier live-work-play neighborhood. With a walkability score of 99 out 100, it is an easy walk to Downtown Seattle, South Lake Union, Belltown, Capitol Hill and the Pike Place Market neighborhoods.
Completed in 2001, the tower has studio, one- and two-bedroom floorplans, along with 10,139 square feet of retail space and an attached eight-level parking garage. Amenities include a 24-hour concierge, indoor pool and spa with sauna and steam rooms, fitness center, terrace lounge with billiards, demonstration kitchen and media center, garden area lounges with grilling stations and pet-designated areas.
Continental Properties and Low Tide Properties acquired the building in October 2019 for $216.2 million in a deal arranged by JLL. The seller at that time was not disclosed. Continental, along with Bentall, was the original developer of the building, then known as Westlake Tower. The partners sold the tower in 2003 for about $215.8 million.
Earlier refinancing deal
In August, Low Tide and Continental refinanced another property in the Seattle market–The Park in Bellevue, a 184-unit multifamily community in Bellevue, Wash. The partners received $60 million for the refinancing from Northwestern Mutual in a deal arranged by the same Cushman & Wakefield team of Karson, Hernandez, Moyer, Lapidus and Donovan.
The note paid off an existing $58.6 million acquisition loan from 2018, according to Yardi Matrix data. The joint venture had acquired the property at 1515 Bellevue Way NE for $90.8 million from UBS Realty Investors.