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Cushman & Wakefield Arranges $113M Construction Financing for Multifamily Development
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Rhea-AI Summary
Cushman & Wakefield (NYSE: CWK) has successfully advised Gemdale USA Corporation in securing $113 million in construction financing for the Skyglass Tower development located in Seattle. This 29-story multifamily project will feature 338 units and ground-floor retail, expected to complete by October 2023. The financing was provided by AIG, enabling Gemdale to benefit from historically low interest rates while incorporating flexible earning features. The project is set in the dynamic South Lake Union area, noted for its strong job creation and investment interest.
Positive
Secured $113 million construction financing for Skyglass Tower.
Development will offer 338 multifamily units and retail space.
Expected completion by October 2023, indicating upcoming market availability.
Negative
None.
SEATTLE--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm served as the exclusive advisor to Gemdale USA Corporation in the procurement of $113 million of construction financing for Skyglass Tower, a 29-story multifamily development located at 222 Dexter Avenue North in Seattle. The loan was provided by AIG.
A Cushman & Wakefield Equity, Debt & Structured Finance 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 is a unique multifamily development in one of the most dynamic markets in the country. Featuring unobstructed water views, the project will include 2,260 square feet of ground floor retail and an expansive amenity package upon completion, which is slated for October 2023.
“Gemdale chose a construction perm loan to lock in today’s still historically low rates,” added Moyer. “The facility included a significant post-completion earn out feature that will create additional flexibility for them.”
Located in the South Lake Union submarket of Seattle, the project is surrounded by the city’s premier commercial, recreational and cultural amenities. South Lake Union is in the heart of Seattle’s tech and life sciences hub.
“Cushman & Wakefield offers considerable skill and valued experience to our clients in the Puget Sound and we continue actively growing in the region,” said Alison Beddard, Managing Principal, Washington for Cushman & Wakefield. “We are proud to be involved in developments like Skyglass Tower that deliver new high-quality product with lasting impact to our region.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
