Vanbarton Group Scores $116M Financing for Seattle Property
- Mar 18, 2020
An affiliate of the Vanbarton Group has secured a $115.5 million loan for The Danforth, a recently completed, 265-unit apartment property in central Seattle. CBRE’s John Lo arranged the full-term, interest-only financing from a European lender, according to a statement by the brokerage.
Vanbarton Group acquired the asset from the developer, Columbia Pacific Advisors, in December for $209.2 million, Yardi Matrix data shows. Built in 2018, the 16-story property in the First Hill neighborhood is located at 1425 Spring St., at the corner of Broadway and East Madison St.
The property features a mix of one-, two- and three-bedroom units, including penthouse homes, and is 96 percent leased. The apartments sit above a two-level, 45,000-square-foot Whole Foods Market and amenities include a fitness center, clubhouse and 358 underground parking spaces.
The Danforth overlooks the First Hill streetcar line, which connects several neighborhoods in central Seattle, just west of Seattle University and east of Downtown. Elsewhere in the area, LMC is building Ovation, a 548-unit community comprising two 32-story towers, at 1101 Eighth Ave.
Robust new completions have kept Seattle’s rent growth moderate, at 2.9 percent year-on-year through October 2019, when average rent reached $1,903, according to a market report by Yardi Matrix.