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Seattle & Northwest  + Retail  | 

Westbank Secures $450M in Construction Financing for Seattle MXU

Vancouver, BC-based Westbank secured $450 million in construction financing for the development of First Light, a mixed-use condominium property in Seattle. The project, located at 300 Virginia St., encompasses a 47-story tower featuring 459 residences designed by James K.M. Cheng Architects. It is slated to deliver in 2022.

The property will also include 115,000 square feet of ground-floor retail and podium office space, in addition to a full suite of amenities.

Cushman & Wakefield’s Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Alex Lapidus and Emily Johansen represented Westbank in its first Seattle project.

Karson says, “We had an overwhelming response for high leverage financing and ultimately chose a lender that wanted to hold the entire loan on book.”

Moyer adds, “Ultimately, we selected The Children’s Investment Fund, as they demonstrated a shared understanding of Westbank’s vision for the project and were able to provide a seamless whole loan execution at very compelling terms, which removed syndication risk and increased the efficiency of the facility.”

Connect Seattle is set for November 7th at Coterie Worklounge. Plan to join us for the afternoon of CRE conversations and networking. You can find out more information and register on this link.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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