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Westbank Secures $450M in Construction Financing for Seattle MXU
Vancouver, BC-based Westbank secured $450 million in construction financing for the development of First Light, a mixed-use condominium property in Seattle. The project, located at 300 Virginia St., encompasses a 47-story tower featuring 459 residences designed by James K.M. Cheng Architects. It is slated to deliver in 2022.
The property will also include 115,000 square feet of ground-floor retail and podium office space, in addition to a full suite of amenities.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Alex Lapidus and Emily Johansen represented Westbank in its first Seattle project.
Karson says, “We had an overwhelming response for high leverage financing and ultimately chose a lender that wanted to hold the entire loan on book.”
Moyer adds, “Ultimately, we selected The Children’s Investment Fund, as they demonstrated a shared understanding of Westbank’s vision for the project and were able to provide a seamless whole loan execution at very compelling terms, which removed syndication risk and increased the efficiency of the facility.”
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