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February 23, 2019
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Newmark Arranges Two Seattle Financing Deals Totaling $95 Mil


Commercial mortgage banking firm Newmark recently has arranged two financings totaling $95 mil in Seattle. One of the deals is for an apartment property, while the other is on an office building.

In the larger transaction, Newmark’s Brian Bonipart and Abby Kemp arranged $62 mil in fixed-rate financing for the newly constructed 624 Yale Apartment Building. The property is situated in Seattle’s South Lake Union area, directly off I-5 and adjacent to numerous lifestyle amenities and employment centers. The two-building, high-rise community consists of 204 new studio, one-, and two-bedroom units over parking with one retail suite on the ground floor.

The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders and was funded at receipt of the project’s Certificate of Occupancy.

Tower Bldng, Seattle
Tower Bldng, Seattle
In the other transaction, Newmark’s Michael Taylor and Patrick Taylor arranged $33 mil in permanent financing for the Tower Building, a 17-story office tower located between Seattle's retail core and the South Lake Union neighborhood. The property is situated directly across from Nordstrom's flagship store and is two blocks away from the new Amazon HQ.

Originally constructed in 1930, the Tower Building was renovated in 1988 with special care given to preserving the unique period details of the building. The property features over 156k sf of rentable area, ground floor retail, and two floors of underground parking.

The loan was funded through John Hancock Life Insurance Company, one of Newmark’s correspondent lenders.

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