(EDITOR’S NOTE: According to public documents, the owner of the property is Tower Building LLC, an entity affiliated with Mikki Ellingsen who is the tenant services manager with The Vance Corporation)
SEATTLE, WA – Newmark®, the largest independent commercial mortgage banking firm in the U.S., has arranged $33,000,000 in permanent financing for the Tower Building located in Seattle, Washington. Situated directly across from Nordstrom’s flagship store and 2 blocks away from the new Amazon HQ, the 17-story office building is in the connection point between Seattle’s retail core and the South Lake Union neighborhood.
Originally constructed in 1930, the Tower Building was renovated in 1988 with special care given to preserving the unique period details of the building. The property features over 156,000 square feet of rentable area, ground floor retail, and 2 floors of underground parking.
Working on an exclusive basis, Michael Taylor, Principal, and Patrick Taylor, Associate, of Newmark’s Seattle office arranged the financing for the property owner through John Hancock Life Insurance Company, one of Newmark’s correspondent lenders.
According to Michael Taylor, “The owners needed to refinance to retire an existing loan that was maturing, and due to the health of the Seattle region’s office market and the assets strong fundamentals, there was strong interest from a variety of lenders. Our correspondent lenders have a healthy appetite for allocations to Seattle commercial assets and continue to offer strategic options for various finance structures at historically low rates. Our team works with our owner/investor clients to identify the best structure for their goals. At the end of the day, John Hancock Life Insurance Company was able to provide a competitive loan with terms that best matched the priorities of the borrower.”
Newmark, a privately held company based in San Francisco, is a full-service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Newmark’s production, closing and servicing capabilities. Established in 1991, Newmark is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $12 billion represents over 1,300 loans located in 40 states. Newmark is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.