Seattle & Northwest + Seattle + Apartments | May 13, 2022

Gridline Apartments Project Obtains $60M Construction Loan

JLL Capital Markets has arranged $60 million in construction financing for Gridline Apartments, a multi-housing project under construction in Seattle. The JLL Debt Advisory team of Director Kaden Eichmeier and Associate Steve Petrie secured the loan on behalf of SRM Development.

“Seattle continues to be a top market for the most competitive capital sources in the construction finance industry, driven by sound fundamentals and robust tenant demand returning to the urban core,” said Eichmeier in a news release. “Absorption has recently rebounded as renters return to downtown, eclipsing annual deliveries by nearly 2.5 times.”

Located at 1421 Harvard Ave., the Gridline Apartments property is a 10-minute walk from Seattle’s Central Business District. The site is surrounded by Seattle’s First Hill medical hub and the famous “Pike Pine Corridor” is right next door, serving as one of Washington’s most popular nightlife destinations.

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JLL Capital MarketsKaden Eichmeier

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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Cap Rate:	4.91
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Year Built:	2020
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Opportunity Zone:	No
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