SAN FRANCISCO, CA (June 26, 2019) – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $31.3 million in construction financing for the development of Pivot, a mixed-use residential, office and retail property in Seattle’s Capitol Hill neighborhood.
HFF worked on behalf of the developer, Vibrant Cities, to place the five-year, floating-rate construction loan with H.I.G. Realty Partners.
The sponsor acquired the development site in August 2016 with a vision to capitalize on the rapidly growing Seattle market and proximity to globally recognized employment hubs. The project will replace an existing parking lot with a pedestrian-inspired development along the highly coveted Pike/Pine corridor and will feature a mix of 71 apartment units above a sub-grade parking garage. The project will also feature small-scale, street-level retail, contributing to the neighborhood’s pedestrian-friendly character in addition to an 11,000 square foot office concept, which will add daytime use, much desired by the community.
The HFF debt placement team, representing the developer, was led by senior director Brandon Roth and director Zack Goodwin.
“Building on the momentum they created with the record sale of The Cove in Capitol Hill, Vibrant Cities has developed another thoughtfully designed property that will be well-received by the community,” Roth said.About Vibrant Cities
Vibrant Cities is a local employee-own Seattle-based company that focuses on the development of multifamily and hospitality properties in the heart of Seattle and Portland. Vibrant currently owns or has investments in over 1,500 units in the various stages of the development lifecycle. The company’s mission is to build vibrant and smart communities that people feel proud to call home. Vibrant strives to bring people more happiness by decreasing their commute time by building great communities that people can live, work and play all within a short walk.http://vibrantcities.com/About H.I.G. Realty Partners
H.I.G. Realty Partners is the real estate platform of H.I.G. Capital, a leading global private equity and alternative assets investment firm with over $31 billion of equity capital under management, and manages $2.6 billion in capital commitments focused on small-to-mid cap real estate assets. H.I.G. Realty Partners targets both equity and debt investments across all property types located throughout the U.S. and Europe. Equity investments are concentrated on the acquisition of value-add assets, employing a hands-on, operationally focused approach that seeks to generate substantial cash flow and asset appreciation through rehabilitating, redeveloping, repositioning and rebranding assets that have been capital starved and/or poorly managed. Debt investments include senior bridge loans, mezzanine loans and preferred equity collateralized by transitional properties and portfolios.About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com.