Cowles Co. Secures Financing for Washington Community
- Jan 29, 2020
Cowles Co. has received $30 million in permanent financing for the M Building, a 114-unit luxury community in downtown Spokane, Wash. Working on behalf of the borrower, Gantry Inc.’s Principal Demetri Koston placed the 25-year loan with Reinsurance Group of America, according to Yardi Matrix data.
Located at 612 W. Main Ave., the M Building features one- and two-bedroom apartments averaging 1,057 square feet, as well as 40,000 square feet of retail space on the first two floors. Amenities include a fitness center, business center, media room and rooftop lounge. The property was 85.1 percent occupied as of December, according to Yardi Matrix.
The 10-story property was originally developed in 1914 as a retail building, first occupied by Bon Marche, then by Macy’s. In 2016, Cowles purchased the asset and started its conversion to residential use. Having Walker Construction as general contractor and NAC Architecture PS as architect, the adaptive reuse project was completed in 2018.
The community is just south of Riverfront Park and Spokane River, with City Hall within walking distance. The immediate area includes access to numerous restaurants, shops and banks. Interstate 90 is less than a mile south of the property and Spokane International Airport is 7 miles southwest.