Home Commercial Embassy Suites Asset in Seattle Secures $122.7MM for Refinancing

Embassy Suites Asset in Seattle Secures $122.7MM for Refinancing

PCCP, Embassy Suites, Seattle, Cushman & Wakefield, American Life Inc.,
Courtesy of Cushman & Wakefield
Cushman & Wakefield Arranges $122.7 Million Refinancing of Mixed-Use Asset in Seattle

SEATTLE, Wash., June 23, 2021 – Cushman & Wakefield announced today that the real estate services firm served as the exclusive adviser to American Life, Inc. in the procurement of $122,700,000 for the refinancing of 255 South King Street, a 717,684-square-foot office and hospitality asset. The loan was provided by PCCP.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg represented the borrower.

“We had strong credit support from the office building which helped offset the softer market demand for the hotel during the pandemic, but this particular hotel is recovering well and the location down by the stadium has become very appealing given access to both Bellevue and Downtown Seattle,” said Karson.

“We are glad that we decided early on to keep the Embassy Suites open, albeit with reduced staffing, during the pandemic so that we could be poised to take advantage of the unique opportunities during the pandemic and could ramp up quickly when demand returned,” said Larry Ice, CFO of American Life. “We are also pleased, as always, to be working with Dave Karson and his team of expert advisors at Cushman & Wakefield who were extremely knowledgeable and resourceful in helping us place this financing in a challenging environment.”

255 South King Street is a LEED Silver certified property that consists of a 209,476-square-foot office tower and a 23-story, 282-room Hilton Embassy Suites Hotel with approximately 10,000 square feet of meeting and event space, pool, fitness center and parking garage, as well as 17,292 square feet of retail. The office tower, which spans 11 stories above a 7-story retail and parking garage podium, is 100% leased. The asset was developed by ALI and completed in February 2018.

Alison Beddard, Cushman & Wakefield’s Managing Principal for Washington state, said, “The Puget Sound Region is a dynamic and cutting edge market, and Cushman & Wakefield remains committed to the long term success of our client and our community here. This transaction represents yet another positive sign of Seattle’s prosperous outlook and continued growth.”
 
The property is located within the Pioneer Square submarket just south of Downtown Seattle and steps from best-in-class amenities, offering tenants and visitors immediate access to numerous retail and entertainment options, as well as mass transit options and major freeways.

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.