Home AEC Seattle Apartment Project Gets $82MM Construction Financing

Seattle Apartment Project Gets $82MM Construction Financing

Siteline, Seattle, AIG, Grousemont Associates
Rendering courtesy of Encore Architects

(EDITOR’S NOTE: According to public documents filed with King County, the loan was provided by four entities of AIG. They include American General Life Insurance Co., National Union Fire Insurance Co. of Pittsburg, PA, The United States Life Insurance Company in the City of New York and The Variable Annuity Life Insurance Company. The property is located at 223 Taylor Avenue North in Seattle.)

Seattle, Washington, August 6, 2021 – IPA Capital Markets, a leading provider of commercial real estate capital markets solutions, announced that it has arranged the construction financing of approximately $82M on behalf of MainStreet Property Group in partnership with Grousemont Associates and related parties for the development of Siteline. Located in in the shadow of the Space Needle, Siteline will consist of 214 apartment units, 44,000 square feet of pre-leased office and storage space and 6,000 square feet of prime retail space. Construction will begin immediately and is expected to be completed by the Summer of 2023. Siteline is the launchpad for everything that Uptown and the emerging Sports and Entertainment District have to offer.  

The 10 Year fixed-rate, construction to perm financing was negotiated and secured by Ray Allen and Seth Heikkila, of IPA’s Seattle office, with a prominent Life Company. 

About Marcus & Millichap Capital Corporation

Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2020, MMCC closed 1,943 transactions totaling $7.67 billion.