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$245M Construction Loan for Seattle Development
Vancouver, Canada-based Westbank secured $245 million in construction financing for 707 Terry Ave. in Seattle. Upon completion, the project will consist of two, 33-story luxury apartment towers with 488 units located adjacent to the Frye Art Museum.
Construction is expected to commence soon on the project that includes towers designed to lean slightly away from each. The towers will feature a sky bridge at the 31st floor connecting to amenity levels. Amenities on the 32nd floor will include a solarium, pool, deck, barbecue station and lounge. Westbank acquired the site from the Frye Art Museum in June 2017 for $11.4 million.
A pair of Seattle companies, DSC Capital, LLC and R.M. Watson Co., worked on behalf of the developer to arrange the financing with a national life insurance company.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development
