SEATTLE – Oct. 22, 2021 – CBRE has announced a $47.6 million loan for the construction of Geo Queen Anne, a 168-unit multifamily community in Seattle, Wash.
Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s debt and structured finance team in San Diego arranged the loan on behalf of the owner of the property, San Diego-based AAA Management.
Located at 2222 15th Avenue West in the Queen Anne Submarket of Seattle, the six-story building is expected to be completed in early 2023. The 148,159 square-foot project will be comprised of 168 units, 20 percent of which will be qualified for affordable rates. Community amenities will include a state-of-the-art fitness facility, package center, rooftop terrace with fireplaces and barbecues, bike storage and 96 parking spaces in an underground structure.
“Geo Queen Anne, with its immediate access to Seattle’s top amenities and major employment centers, will be an excellent addition to the Seattle market,” said Mr. Chiles.
This is the third multifamily construction loan that CBRE has arranged on behalf of AAA Management in the greater Seattle area in the last three years. The total equity and debt placed is more than $130 million.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.