Home Finance McKenzie Seattle Receives $160MM in Financing

McKenzie Seattle Receives $160MM in Financing

McKenzie Seattle, David Stinebaugh, Mark Capelato, CBRE, Northwestern Mutual Life Insurance Company, Wild Ginger, Amazon
Image Courtesy of CBRE

Seattle, Wash. – August 9, 2019 – CBRE has brokered a $160 million permanent loan for McKenzie Seattle, a distinctive elliptical 40-story, luxury 450-unit for rent residential tower. David Stinebaugh and Mark Capeloto of CBRE’s Seattle office represented the owner.

The fixed rate 10-year loan was applied for and closed as the property was approaching stabilized occupancy. Northwestern Mutual L(fe Insurance Company provided the financing. The borrower is a subsidiary of Clise Properties, a 130-year old family-owned company based in Seattle.

“McKenzie’s prime location, luxury units, amenities and strong lease-up attracted fierce competition for the opportunity to finance this exceptional property,” said Stinebaugh. “Combined with the chance to partner with a prominent local real estate company like Clise Properties, this was a rare opportunity.”

The quality of McKenzie and its ownership allowed for an accelerated transaction time of less than 60 days from application to loan closing.

Located at 2202 8th Avenue, McKenzie Seattle was completed in August 2018 and includes 450 luxury studios, one-, two- and three-bedroom penthouse units and 379 parking spaces. Units have 360-degree city views and five-star amenities, which include a 39th floor fitness center, 40th floor common area with deck, private spa retreat and 24/7 tenant concierge. Wild Ginger, one of Seattle’s best known and highly regarded restaurants, occupies the ground floor retail space. The property is also located within two blocks of Amazon’s corporate headquarters and “Spheres” landmark.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide.

CBRE offers a brood range of integrated 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.