Seattle Tower Project Secures $185M
- Jan 22, 2019
A joint venture between Laconia Development and Vanke Holdings USA has received a $185 million loan to develop the SPIRE Condominiums, a 352-unit residential building under construction in Seattle, Wash.
Square Mile Capital Management originated the loan together with senior financing provided by The Union Labor Life Insurance Co.
“Upon completion, the SPIRE Condominiums will offer a highly-amenitized residential building with luxury finishes and unobstructed city views, located in a desirable and walkable neighborhood,” Elliot Rattner, Square Mile Capital’s principal, said in prepared remarks. “The partnership has already received strong interest to purchase units, and we believe that they are the ideal team to execute on the business plan to successfully sell out all of the property’s residential condominiums.”
The 41-story skyscraper will offer a mix of one-, two- and three-bedroom condominiums. Amenities will include a third-floor co-working lounge and wellness studio, a two-story lobby lounge and a collection of interior and exterior social spaces. The property will also include a fitness center spanning two levels.
A Vibrant Live/Work/Play Scene
The building will be situated in Seattle’s Belltown neighborhood, within a triangular block adjacent to the intersection of Denny Way and Wall Street, roughly between the Belltown and Denny Triangle neighborhoods.
The neighborhood itself is home to a host of restaurants, nightlife and entertainment venues, and many businesses are relocating to the area. Amazon’s headquarters, the Gates Foundation campus, Space Needle, Seattle Center, a Whole Foods Market, as well as public parks are all located nearby.
The SPIRE Condominiums will be close to the Seattle Streetcar station on Westlake and 9th Ave., the LINK light rail station on 5th and Pine Street, and multiple car and bike shares. The first residents are expected to move in during the winter of 2020-2021.
Earlier this month, Square Mile Capital Management originated a $131.5 million loan to finance the conversion from office to residential use of The Moinian Group’s 31-story office structure located at 17 Battery Place in the World Trade Center submarket of Lower Manhattan.
Rendering courtesy of Square Mile Capital