Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
The Spigot is Wide Open for Multifamily, Condo Assets
Plus Capital Partners LLC recently procured $42.63 million for the refinancing of Shoresmith Apartments located at 1170 Republican St. in Seattle. The floating rate financing was provided by Barings Real Estate Advisors.
Shoresmith is a new eight-story building that features 113 for-rent 100 percent market rate residential units, 1,290 square feet of ground-floor retail space and two levels of parking with 68 spaces. Amenities include a rooftop terrace with views of Lake Union, Queen Anne Hill and Capitol Hill.
A Cushman & Wakefield equity, debt and structured finance team of Dave Karson, Chris Moyer, Alex Lapidus and Meredith Donovan represented Plus Capital Partners.
“The spigot is wide open for multifamily and in some markets, even condo assets today,” said Karson. “Despite the property having just opened and being nearly empty, bidding for moderate- to high-leveraged nonrecourse financing in the sub-3 percent range was incredibly strong.”
Shoresmith is located in the heart of South Lake Union, just two blocks from Amazon’s headquarters, Google’s city campus, Seattle’s life science epicenter and Lake Union.
- ◦Financing
