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September 22, 2021
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Gemdale USA Corporation Lands $113 Mil in Construction Financing for Seattle Res Project


Gemdale USA Corporation has obtained $113 mil of construction financing for Skyglass Tower, a 29-story multifamily development located at 222 Dexter Avenue North in Seattle. The loan was provided by AIG.

Featuring 338 multifamily units, Skyglass Tower is a unique multifamily development in one of the most dynamic markets in the country. Featuring unobstructed water views, the project will include 2.3k sf of ground floor retail and an expansive amenity package upon completion, which is slated for October 2023.

Located in the South Lake Union submarket of Seattle, the project boasts an unmatched location surrounded by the city’s premier commercial, recreational and cultural amenities. South Lake Union is in the heart of Seattle’s tech and life sciences hub.

Dave Karson, Chris Moyer and Keith Padien with Cushman & Wakefield arranged the financing. According to Moyer, the facility included a significant post completion earn out feature that will create additional flexibility for the borrower.

“Seattle is benefiting greatly from regional job creation and South Lake Union is still a prime location for new developments,” said Karson. “Strong developers like Gemdale are getting great attention from debt and equity investors interested in high quality projects.”

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