Home AEC Security Properties Receives $115MM Construction Financing for Mixed-Use Development in Seattle’s Belltown...

Security Properties Receives $115MM Construction Financing for Mixed-Use Development in Seattle’s Belltown Neighborhood 

Seattle, Cushman & Wakefield, The Confidential, Security Properties, Bank OZK, Belltown, MetLife Investment Management

SEATTLE, Wash., ––  Cushman & Wakefield announced the firm served as the exclusive advisor to Security Properties, Inc. in the procurement of a $65,160,000 joint venture equity investment and $115,250,000 of construction financing for The Confidential, a trophy mixed-use development located in the Belltown submarket of Seattle, Washington. The joint venture equity was provided by MetLife Investment Management and the debt was provided by Bank OZK.

Featuring 212 apartment units, The Confidential is a unique mixed-use development in one of the most dynamic residential submarkets in the country. Upon completion, the property will also include 8,000 square feet of ground floor retail and a 17,500-square-foot office space. Sponsorship is also pursuing LEED Silver certification for the building.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Alex Lapidus and Meredith Donovan represented Security Properties, Inc. in the transaction. 

“The region is still facing a significant housing shortage due to the incredible big tech job growth in area. The Confidential is going to be one of the nicest apartment buildings in the Pacific Northwest and will be a top choice for a lot of folks working in Seattle or Bellevue,” said Vice Chairman Dave Karson.