Vulcan Lands $54M for Seattle Refi

Cypress Apartments. Image courtesy of Yardi Matrix

Vulcan has secured $53.5 million in permanent financing for Cypress Apartments, a 238-unit multifamily community in Seattle. Gantry and Glacier Real Estate Finance arranged the 5-year, fixed-rate loan through the Boeing Employees Credit Union, according to Yardi Matrix data.

Completed in 2019, the property was developed as part of the Yesler public housing redevelopment, meant to transform a 30-acre public housing community into low-income, affordable, market-rate housing. It comprises studio, one- and two-bedroom floorplans, ranging from 471 to 1,047 square feet. The property includes 48 units which have been designated as affordable.

Apartments feature quartz countertops, stainless-steel appliances and in-unit washers and dryers, along with walk-in closets. Select units offer private balconies or patios. Common-area amenities include a fitness center, sky lounge, clubhouse and dog run. The property, which is LEED Platinum certified, also hosts 8,702 square feet of retail space, according to Yardi Matrix information.

Located at 120 Broadway, the property is near Interstate 5 in the heart of downtown Seattle. Situated within a densely populated and walkable area, the community is located near numerous retail, dining, entertainment and cultural venues. The Harborview Medical Center and Swedish Hospital are located nearby.

Gantry Principal Michael Taylor and Senior Associate Alex Saunders and Glacier Real Estate Finance Senior Associate Russ Cree arranged the financing on behalf of the borrower. Taylor stated in prepared remarks that recent economic volatility has required loan options be put under increased scrutiny.