Home Finance Seattle’s Shoresmith Apartments Secures $42.6MM Refinancing

Seattle’s Shoresmith Apartments Secures $42.6MM Refinancing

Seattle, Shoresmith Apartments, Cushman & Wakefield, Plus Capital Partners
Courtesy of Cushman & Wakefield

SEATTLE, Wash. – Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Plus Capital Partners LLC in the procurement of $42,630,000 for the refinancing of Shoresmith Apartments located at 1170 Republican Street in Seattle, Washington. The floating rate financing was provided by Barings Real Estate Advisors.

Shoresmith is brand-new, eight-story building that features 113 for-rent, 100% market rate, residential units; 1,290 square feet of ground floor retail space; and two levels of parking with space for 68 vehicles. The property boasts an extensive amenity package that includes a resident workspace, a fitness center, indoor lounge and a rooftop terrace with sweeping views of Lake Union, Queen Anne Hill and Capitol Hill.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Alex Lapidus and Meredith Donovan represented Plus Capital Partners.

“The spicket is wide open for multifamily and, in some markets, even condo assets today,” said Karson. “Despite the property having just opened and being nearly empty, bidding for moderate- to high-leveraged non-recourse financing in the sub-3% range was incredibly strong.”

Shoresmith is located in the heart of South Lake Union, just two blocks from Amazon’s headquarters, Google’s city campus, Seattle’s life science epicenter and Lake Union.

“This transaction further cements Cushman & Wakefield’s commitment to our clients’ success in the greater Puget Sound area and the downtown Seattle neighborhood community,” added Alison Beddard, Managing Principal of Washington state.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.