Terra Closes $23M Preferred Equity for Seattle Property

By Adina Marcut

Bristol I

Terra Capital Partners, a New York-based income fund manager, provided a $22.5 million preferred equity investment for SECO Development’s corporate reorganization of the Bristol I Apartments, a 188-unit community in Renton, Wash. SECO Development will use the financing to recapitalize the property, fund nearby development projects along with a preferred return reserve, and cover closing costs.

Bristol I is situated near Seattle, on Lake Washington, within the waterfront community of Southport, a new mixed-use urban village which is set to include three nine-story buildings consisting of 727,634 square feet of Class A office space. The offices will join the 383 units of luxury multifamily housing completed in 2008, as well as the newest 347-key Hyatt Regency Lake Washington at Seattle’s Southport.

The Bristol I community offers a mix of amenities such as:

• an on-site café
• a 24-hour waterfront fitness center
• a business center
• residents club
• a full kitchen for entertaining

“You can live on the water at a reasonable cost, grab a great meal or a drink at one of the nicest hotels in the region and walk across the street to work in a brand-new glass tower overlooking Lake Washington and the Seattle skyline,” Dave Karson, executive managing director at Cushman & Wakefield, said in a statement. “SECO and Terra both recognized a great opportunity to help expand and improve the Southport campus.”

Image via Google Street View