Cushman & Wakefield served as the exclusive advisor to SECO Development in arranging $265 million of construction financing for the development of a 727,634 s/f office tower at 1101 Lake Washington Boulevard North, Renton, Washington.
The financing was provided by Apollo Commercial Real Estate Finance.
A New York based Cushman & Wakefield Equity, Debt and Structured Finance team of Dave Karson, Steve Kohn, Gideon Gil, John Alascio, Chris Moyer & Alex Lapidus represented SECO Development, Inc. in the transaction.
“The market for construction and transitional financing has dramatically improved over the past year, with spec office and retail on the radar of more lenders and investors. Special projects like Southport are attracting capital and tenants from around the world.” said Karson.
In connection with the Southport office financing, Cushman & Wakefield’s Equity, Debt & Structured Finance group also arranged the $105 million refinancing of the adjacent Hyatt Regency Lake Washington with Starwood Property Trust and Argentic Capital Management and recapitalized the adjacent Bristol apartment complex with Terra Capital Partners and private investors.
The Southport Office Campus will be part of the SECO-developed Southport on Lake Washington, a 2.4 million square foot, mixed-use property on the southern shores of Lake Washington.
Upon completion, the campus will be a 727,634 s/f complex, consisting of three nine-story towers, over 10,000 s/f of retail space (of 40,000 s/f of select restaurants within Southport), and a six-story on-site parking garage. The three towers will contain 717,355 s/f of Class A office space