Seattle Luxury Development Scores Construction Loan

First Interstate Bank provided the financing for the 93-unit project to developer Vibrant Cities.
Roystone. Rendering courtesy of JLL

Developer Vibrant Cities has taken a $30 million construction loan for Roystone, a 93-unit multifamily project in Seattle’s Lower Queen Anne neighborhood. JLL Capital Markets worked on behalf of the borrower to arrange the financing from First Interstate Bank.

Vibrant Cities plans to finish work on the eight-story, luxury development in the fall of 2021. Roystone will have studio, one-, and two-bedroom units in addition to 3,814 square feet of street-level retail. Planned property amenities include underground parking, rooftop decks, a resident lounge, a fitness room and a clubhouse. Jackson Main Architecture designed the project, and Pavilion Construction is the general contractor.

The 0.3-acre project site is located at 631 Queen Anne Ave. N., less than half a mile from KeyArena at Seattle Center and 2 miles from Amazon’s headquarters. A wide variety of hospitality and retail properties are in the immediate area, with an assortment of restaurants alongside Mercer Street, one block south.

JLL’s Senior Directors Brandon Roth and Zack Goodwin, along with Analyst Matt Pelpel, worked on behalf of Vibrant Cities. In October, Roth was part of a team that secured a $330 million construction loan for a 640-unit luxury condo development in San Jose, Calif. The project is slated for completion this year.