Home News Releases Seattle Luxury Waterfront Residential Attracts Lenders

Seattle Luxury Waterfront Residential Attracts Lenders

Seattle, JLL, JLL Capital Markets, Mack Real Estate Group, Cyrene apartment community, multifamily, 50 University Street
Cyrene Apartments. Image courtesy of JLL

SEATTLE, April 30, 2018 – JLL Capital Markets experts have arranged a $48 million permanent loan for developer Mack Real Estate Group to refinance the newly-opened Cyrene apartment community at 50 University Street in downtown Seattle.

JLL Managing Director Ray Allen, Senior Vice President Seth Heikkila and Associate Drew Heitstuman represented Mack Real Estate Group in securing the financing.

“Cyrene appealed to a broad range of lenders because of its strong sponsorship, quality construction, superior location and high-end amenities,” said Allen. “It is a symbol of a new era on the Seattle waterfront,” he added.

Cyrene was completed in 2017 and is a 169-unit luxury waterfront community with rooftop terraces, three separate resident lounges, a fitness center and yoga studio, a rooftop clubroom and three floors of controlled-access parking with EV charging stations. The 16-story community already commands spectacular views of Elliott Bay, Puget Sound, Olympic Mountain and the city skyline but more of the lower floor units will obtain permanent views in the fall of 2019 upon completion of the demolition of the adjacent Alaska Way viaduct.

In addition to 169 luxury apartment residences, Cyrene has 3,866 square feet of ground floor retail space.

JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world. For more content, including videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.