Strong Developers Getting Debt and Equity Investor Attention
Construction financing of $113 million was recently procured for Skyglass Tower, a 29-story multifamily development located at 222 Dexter Ave. North in Seattle. The loan was provided by AIG.
Cushman & Wakefield served as the exclusive adviser to Gemdale USA Corporation. The team of Dave Karson, Chris Moyer and Keith Padien represented the borrower.
“Seattle is benefiting greatly from regional job creation and South Lake Union is still a prime location for new developments,” said Karson. “Strong developers like Gemdale are getting great attention from debt and equity investors interested in high-quality projects.”
Featuring 338 multifamily units, Skyglass Tower also will include 2,260 square feet of ground-floor retail upon completion in October 2023.
“Gemdale chose a construction perm loan to lock in today’s still historically low rates,” adds Moyer. “The facility included a significant post completion earn-out feature that will create additional flexibility for them.”
- ◦Financing