Seattle Mixed-Use Project Lands $80M Refi

The more than 183,000-square-foot development comprises a 158-key hotel and a 93-unit community. Proceeds are being used to pay off the existing construction loan.
Sequel Apartments

Sequel Apartments

HFF has secured an $80 million refinancing loan for a two-building, mixed-use property in downtown Seattle. Senior Managing Director Bruce Ganong of HFF led the debt placement team that represented the borrower, a joint venture between Geolo Capital and their local development partners, Douglas Howe and Shawn Parry. Proceeds are being used to refinance the existing construction loan.

A luxury boutique and a residential property

Located at 110 Steward St., the 183,486-square-foot development comprises the 158-key Thompson Seattle Hotel and the 93-unit Sequel Apartments community. Completed in 2016, the 100,906-square-foot luxury boutique hotel features floor-to-ceiling windows, more than 3,000 square feet of meeting space, a 24-hour state-of-the-art fitness center, two restaurant and beverage options, as well as a lounge and terrace. Additionally, the ground-floor retail space is occupied by Seleuss Chocolate and Tokyo Smoke.

The 93-unit community is located at 1900 first Ave., in downtown Seattle, one block from Pike Market, in the heart of the Pike and Pine retail core. The 12-story building offers one- and two-bedroom units, as well as penthouses averaging 675 square feet. Common area amenities include a fitness center, a business center, a clubhouse, a rooftop deck, a spa and a total of 145 parking spaces. According to data provider Yardi Matrix, the community was 98.9 percent occupied as of June.

“The competition among lenders for this financing opportunity was very strong, and the outcome was a testament to the quality of sponsorship and the truly unique property they developed,” Bruce Ganong, said in a statement.

Image courtesy of Yardi Matrix