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9/18/15
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Goodman Real Estate Inc recently landed $69.5 mil in refi money for the Medical Dental Building, a 294.3k sf, historic, medical office building with ground floor retail in Seattle.
Constructed in two phases in 1925 and 1950, the Medical Dental Building was renovated in 2008 and received $25 mil in upgrades, including new lobby finishes. Situated at 509 Olive Way between 5th and 6th Avenues in downtown Seattle, the property is adjacent to Nordstrom, just five blocks west of Interstate 5 and one block from Amazon’s new 4.2 msf campus expansion.
The 18-story building is 97 percent leased to more than 150 tenants, primarily private medical and dental practices. A 12.6k sf Bartell Drug Co pharmacy leases ground floor retail space, and there is a Seattle Executive Fitness located in the building.
Casey Davidson of HFF arranged the 20-year, fixed-rate loan. It was funded by AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors.
“The Medical Dental Building is such a unique asset due to its location and tenant base,” Davidson said. “Most of the tenants are family-owned medical practices that pass down through generations due to loyal customers who love the building’s location, valet parking and proximity to transportation, including bus and rail lines. Some tenants have been in the building more than 40 years.”
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