Cushman & Wakefield served as the exclusive advisor to Westbank in the procurement of $450 million in construction financing for the development of First Light, a mixed-use property consisting of luxury condominiums as well as office and retail space.
The property is located at 300 Virginia Street in Seattle, Washington. The construction financing for this transaction was provided by The Children’s Investment Fund.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Alex Lapidus and Emily Johansen represented Westbank.
“The Seattle/Bellevue market is one of the strongest in the country and one of the few major markets that is still early in the condo cycle,” said Karson. “We had an overwhelming response for high leverage financing and ultimately chose a lender that wanted to hold the entire loan on book.”
“Ultimately, we selected The Children’s Investment Fund, as they demonstrated a shared understanding of Westbank’s vision for the project and were able to provide a seamless whole loan execution at very compelling terms, which removed syndication risk and increased the efficiency of the facility,” added Moyer.
First Light is a condominium development located at 300 Virginia Street in Seattle, Washington. The forty-seven story tower features 459 distinguished residences designed by the world-renowned James K.M. Cheng Architects. Complimenting the residential component, the property will feature 115,000 square feet of ground floor retail and podium office space, in addition to a full suite of amenities.
First Light is located in the heart of downtown Seattle, blocks from Pike Place Market and is a ten-minute walk to the Space Needle, as well as the museums and attractions at Seattle Center. The building benefits from its proximity to the business district and the innovation hub in South Lake Union.