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3/10/15
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NGKF Capital Markets recently arranged and structured $40 mil in financing for the Seattle Design Center (SDC) in the Georgetown neighborhood of Seattle. The floating-rate loan has a three-year initial term and two one-year extension options. A debt fund provided the loan, the proceeds of which the borrower will use for the acquisition and repositioning of SDC.
Opening its doors in 1973, the SDC serves as the Pacific Northwest and surrounding region’s premier destination for high-end home furnishings and design services. SDC, totaling 410k sf, comprises two buildings connected by a skybridge walkway, with 400 parking spaces.
NGKF’s Senior Managing Director Jordan Roeschlaub and Managing Director Daniel Fromm arranged the deal on behalf of the LA-based borrower. The borrower intends to move forward with a comprehensive plan to upgrade the property.
"The seller, an institutional owner focused primarily on Class A office buildings, was liquidating a fund," said Roeschlaub. "The sponsor, an expert in specialty use buildings, recognized the opportunity to create a multitude of uses, including tech and creative office. Since the design industry was hit with the downturn of the economy—resulting in approximately 50 percent vacancy—a recent upturn in the building industry has helped to increase the demand for design, furnishing and related creative needs."
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