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6/25/21
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American Life Inc has secured $122.7 mil in refi money on 255 South King Street, a 717.7k sf office and hospitality asset in Seattle. The loan was arranged by Cushman & Wakefield and provided by PCCP.
255 South King Street is a LEED Silver-certified property that consists of a 209.5k sf office tower and a 23-story, 282-room Hilton Embassy Suites Hotel with approximately 10k sf of meeting and event space, pool, fitness center and parking garage, as well as 17.3k sf of retail. The office tower, which spans 11 stories above a seven-story retail and parking garage podium, is 100% leased. The asset was developed by ALI and completed in February 2018.
The property is located within the Pioneer Square submarket, just south of Downtown Seattle and steps from best-in-class amenities, offering tenants and visitors immediate access to numerous retail and entertainment options, as well as mass transit options and major freeways.
C&W’s Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg represented the borrower in arranging the financing.
“We had strong credit support from the office building which helped offset the softer market demand for the hotel during the pandemic, but this particular hotel is recovering well and the location down by the stadium has become very appealing given access to both Bellevue and Downtown Seattle,” said Karson.
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