Rate Marks one of the Lowest Long-term Fixed Interest Rate Loans
SEATTLE – March 16, 2020 – CBRE Capital Markets’ Debt & Structured Finance group has arranged the financing for The Danforth, a 16-story, 265-unit apartment property centrally located at 1425 Spring Street in the First Hill neighborhood of Seattle, Wash. John Lo of CBRE’s Seattle office arranged the $115.5 million loan from a European lender on behalf of the borrower, an affiliate of the Vanbarton Group. This full term interest only loan marks one of the lowest long-term fixed interest rate loans on record.
“CBRE is extremely pleased to have achieved a historically low interest rate for the Vanbarton Group. The exceptional execution was a win for the buyer and lender, providing outstanding returns and a safe haven during a volatile time,” stated John Lo, Senior Vice President, CBRE.
An affiliate of the Vanbarton Group purchased the property in December 2019 from the project developer, Columbia Pacific Advisors.
Built in 2018, The Danforth is 96 percent leased and includes a 45,000-sq.-ft., two-level multinational organic supermarket chain on the ground floor and other market-leading amenities. The property is located at the corner of Broadway and East Madison Street, overlooking the First Hill streetcar line, and has 358 underground parking stalls on five levels.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
About Vanbarton Group
Vanbarton Group is a privately owned, vertically integrated real estate investment and advisory firm founded in 1992 with corporate offices in New York City, San Francisco and Seattle. With its proven expertise successfully investing across the capital stack in varying ways throughout real estate cycles, Vanbarton’s investments include core, value-to-core and value-add equity investments, preferred equity, junior participations, bridge loans, secondary market debt acquisitions and securitized credit.