Vibrant Cities Lands $32M Loan for Seattle Property

Following completion earlier this year, the property's 4,900 square feet of retail space has already been fully leased.

Pivot Apartments. Image courtesy of Madison Realty.

Pivot Apartments. Image courtesy of Madison Realty.

Vibrant Cities has acquired a $32 million loan for its development of Pivot Apartments, a recently completed eight-story, 95-unit mixed-use property, located at 1208 Pine St. in Seattle. Madison Realty Capital provided the loan for the development, which had received a temporary certificate of occupancy back in May.

Pivot Apartments finished construction earlier in 2022. The community, designed by Tiscareno Associates and built by The Walsh Group, hosts a mix of studio, one- and two-bedroom apartments for both short- and long-term rentals, in addition to 4,900 square feet of ground-floor retail space, fully leased to several dining tenants. Twenty percent of the units are partially affordable, and nearly a third are leased to short-term rental agent Sonder USA Inc. Currently, 69 percent of the units are leased.

The unit amenities include private balconies, walk-in closets, laundry units, high-efficiency HVAC systems and LED lighting. In addition to the retail space, the community hosts fitness and business centers, an outdoor deck and private parking spaces. Situated adjacent to the city’s Pike/Pine neighborhood, the development is within walking distance of both uptown and downtown Seattle, with access to many of the city’s top employment, cultural and retail centers.

Seattle soars

Motivated by its emergence as a nexus of expansion for a number of corporations and industries, many in the tech and e-commerce sectors, Seattle’s multifamily future looks bright. The city has emerged as being one of the nation’s top markets for multifamily construction activity with over 25,000 units in its pipeline, according to a July 2022 report from Yardi Matrix. As of May 2022, the city had seen nearly $1.7 billion in transactions, up nearly twofold year-to-date, data from the report shows. Additionally, the city’s rent growth rate of 1.5 percent exceeds the national average by nearly a third and continues to trend upwards.

Another recent local financing endeavor is the $61.3 million refinancing of Kinect @ Lynnwood, a 239-unit luxury community in the nearby town of Lynnwood.

You May Also Like