Home Finance 366-Unit Met Tower in Downtown Seattle Refinanced for $110MM

366-Unit Met Tower in Downtown Seattle Refinanced for $110MM

Seattle, Cushman & Wakefield, Low Tide Properties, Continental Properties LLC, Met Tower, Citibank, South Lake Union, Belltown, Capitol Hill, Pike Place Market, Denny Triangle

SEATTLE, Wash. – December 13, 2022 –  Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to affiliates of Low Tide Properties and Continental Properties, LLC, in the procurement of $110,000,000 in connection with the refinancing of Met Tower, a multifamily project located at 1942 Westlake Avenue in Seattle. The loan was provided by Citibank.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus and Meredith Donovan represented the borrower in the transaction.

“Capital is still very much available today for the right deals, and multifamily continues to be one of the bright spots,” said Vice Chairman Dave Karson. “Many lenders and investors recognize that despite all of the recent conversation around remote work, living close to employment centers becomes particularly appealing in volatile labor markets.”

Met Tower is a 366-unit luxury apartment property. Originally built in 2001, the property features studio, one- and two-bedroom floor plans along with 10,139 square feet of retail space and an attached eight-level parking garage.

“The lending community was very receptive to the asset,” added Executive Managing Director Alex Hernandez.  “We are pleased to have identified such a strong partner in Citibank.”

The property’s Denny Triangle location offers residents a premier live-work-play residential experience. One of the most dynamic and fastest-growing neighborhoods in Seattle, Denny Triangle boasts a walkability score of 99 out of 100 as it is an easy walk to Downtown, South Lake Union, Belltown, Capitol Hill and the Pike Place Market neighborhoods.