NRC’s Structured $331 Million Workout Capitalized Key Mixed-Use Housing / Hospitality Project in Belltown in Direct Proximity to Amazon HQ and South Lake Union Amenities
Seattle, WA (FEBRUARY 28, 2019) – Newmark Realty Capital (NRC) applauds the development team responsible for delivering Arrivé. The 43-story tower offers a premier address blending hotel, hospitality and upscale apartments in Belltown’s South Lake Union district. NRC worked closely with the development partnership to capitalize the $331 million project following a court-ordered asset sale resulting from the failures of a previous partnership.
“Arrivé is a signature addition to the Belltown skyline, and a development that would not have materialized without the dedicated effort of the development team assembled by NRC and the court receiver to preserve the equity of foreign investors and capitalize the project to completion,” said NRC Principal George Mitsanas, team leader and principal with NRC. “Our team identified and applied a best practice solution during a tumultuous time in the development cycle, which included bringing together this right partnership at the right time. The resulting complex re-capitalization of this tower is a testament to the commitment of its investors, developers, managers, and designers.”
The NRC team led by Mitsanas included an executive production team based in both Seattle and Los Angeles made up of Michael Taylor, Patrick Taylor and Peter Hillakas. During a 12 month period, the team was able to navigate original equity partners past a court ordered asset sale, structure a new joint venture with a reputable developer focused on salvaging original investor equity during that sale, and worked with the resulting partnership to secure both construction and permanent loan funding through to completion. The loan is serviced by NRC.
Arrivé was developed as a 43-story tower featuring a mix of uses. The top thirty-one floors of Arrivé feature 344 apartments with a range of floor plans from studios to three bedroom/three bath units professionally managed and operated by Seattle-based Blanton Turner. The Sound Hotel Seattle Belltown a Tapestry Collection by Hilton, shares an active lobby with Arrivé and its 142 exquisitely designed, well-appointed guest rooms occupy the first ten floors of the building, with additional event and hospitality space incorporated.
Newmark Realty Capital, Inc. (NRC), 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.