Northeast Seattle Community Receives $25M Refi
The Freddie Mac loan pays down a 2015 mortgage of roughly the same amount from Opus Bank.
Atcon Construction has received a $24.5 million refinancing package for eVOLVE, a 79-unit community in Seattle. CBRE Capital Markets originated the Freddie Mac loan, according to public records. The new mortgage retires a $24.5 million senior note which Opus Bank provided in 2015, Yardi Matrix shows.
Located on a half-acre parcel at 954 E. Union St., the six-story building opened in 2014. The unit mix has studio, one- and two-bedroom floorplans ranging from 564 to 1,154 square feet. The property also has 7,800 square feet of street retail space, according to Yardi Matrix data. The amenity package includes a business center, rooftop terrace, gym and clubhouse. Situated less than a mile from the city center, the transit-oriented community is close to Seattle University and 1.5 miles from Amazon’s corporate office.
The property is also a stone’s throw from The Danforth, a 265-unit community that landed a $115.5 million loan in March. CBRE Senior Vice President John Lo assisted Vanbarton Group in securing the full-term, interest-only senior note from Helaba Bank.