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Seattle Mixed-Use Project Receives $31 Mil in Construction Money

6/28/19

Vibrant Cities has obtained $31.3 mil in construction financing for the development of Pivot, a mixed-use residential, office and retail property in Seattle’s Capitol Hill neighborhood. The borrower acquired the development site in August 2016 with a vision to capitalize on the rapidly growing Seattle market and proximity to globally recognized employment hubs.

The project will replace an existing parking lot with a pedestrian-inspired development along the highly coveted Pike/Pine corridor and will feature a mix of 71 apartment units above a sub-grade parking garage. The project will also feature small-scale, street-level retail, contributing to the neighborhood’s pedestrian-friendly character in addition to an 11k sf office concept, which will add daytime use, much desired by the community.

HFF’s Brandon Roth and Zack Goodwin arranged the five-year, floating-rate construction loan. It was funded through H.I.G. Realty Partners.





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