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Signature $331M, 43-Story Tower Completed in Seattle
Arrivé, a 43-story mixed-use tower, is now complete in Seattle. The $331-million development blends hotel, hospitality and upscale apartment uses at the property in Belltown’s South Lake Union district at 2116 4th Ave.
San Francisco-based Newmark Realty Capital (NRC) worked closely with the development partnership, PH Seattle Tower I LLC, an affiliate of The Molasky Group of Companies, and Binjiang Tower Corp., to capitalize the project following a court-ordered asset sale resulting from the failures of a previous partnership.
NRC’s George Mitsanas, Michael Taylor, Patrick Taylor and Peter Hillakas navigated original equity partners past a court-ordered asset sale, structured a new JV with a developer focused on salvaging original investor equity during that sale, and worked with the resulting partnership to secure both construction and permanent loan funding through to completion. The loan is serviced by NRC.
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