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Vulcan Lands $54M Financing for Seattle Apartments
Glacier Real Estate Finance has arranged $53.5 million in permanent financing for Cypress Apartments, a 238-unit multifamily community in Seattle. The 5-year, fixed rate loan for the Vulcan-owned property was reportedly arranged through the Boeing Employees Credit Union.
The affordable and market-rate housing complex was constructed in 2019 and was developed as part of the Yesler public housing redevelopment. The project is comprised of studio, one- and two-bedroom units, ranging from 470 to 1,050 square feet. Approximately one-fifth of the residences are designated as affordable.
Located at 120 Broadway, the LEED Platinum certified community includes amenities like a fitness center, sky lounge and clubhouse, and is situated near numerous retail, dining, entertainment and cultural venues. The building also features nearly 9,000 square feet of retail space.
Glacier Real Estate Finance Senior Associate Russ Cree arranged the financing on behalf of the borrower.
Image courtesy of Vulcan
- ◦Financing
