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August 11, 2020
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Clise Properties Obtains New Financing of $160 Mil on Seattle Res Tower


Clise Properties has secured a $160 mil permanent loan for McKenzie Seattle, a 40-story, luxury res tower in Seattle. The distinctive, elliptical high-rise, located at 2202 8th Ave, contains 450 rental units.

McKenzie Seattle was completed in August 2018 and includes studios, one-, two- and three-bedroom penthouse units and 379 parking spaces. Units have 360-degree city views and five-star amenities, which include a 39th floor fitness center, 40th floor common area with deck, private spa retreat and 24/7 tenant concierge.

Wild Ginger, one of Seattle’s best known and highly regarded restaurants, occupies the property’s ground floor retail space. The property is also located within two blocks of Amazon’s corporate headquarters and “Spheres” landmark.

The fixed rate 10-year loan was applied for and closed as the property was approaching stabilized occupancy. Northwestern Mutual Life Insurance Company provided the financing.

David Stinebaugh and Mark Capeloto of CBRE’s Seattle office originated the financing for the owner. The borrowing entity is actually a Clise Properties subsidiary. The transaction took less than 60 days from application to loan closing.

“McKenzie’s prime location, luxury units, amenities and strong lease-up attracted fierce competition for the opportunity to finance this exceptional property,” said Stinebaugh. “Combined with the chance to partner with a prominent local real estate company like Clise Properties, this was a rare opportunity.”

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