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5/06/08
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Wrightwood Capital has provided $28 mil to finance the acquisition of the Fourth & Pike Building, an office property located at 1424 Fourth St in Seattle, WA. The 10-story, 96.7k sf building has been designated as a Landmark building under the Seattle Landmarks Preservation Board and is currently leased to a mix of tenants. It also includes three retail stores at ground level -- Ben Bridge Jeweler, Quicksilver, and The Walking Company.
Located in the heart of Seattle’s Central Business District, the property benefits from the numerous restaurants and retail amenities in the immediate area and has nearby access to public transportation. The sponsor plans to complete extensive capital improvements, while bringing the occupancy and rents to market levels.
“The property’s Landmark status and central location to the business district make the building highly attractive to a variety of small tenants,” commented Anthony Papadakis, Senior Director, Investments, in Wrightwood Capital’s San Francisco office. “The sponsor is able to capitalize on the area’s strong tenant demand with upgrades and improved management, increasing the value of a great building.”
The sponsor is John Klimp of The Mayfield Companies, a real estate investment firm focused on the construction, ownership, and management of commercial rental properties. This transaction represents the third project between Wrightwood Capital and the sponsor. The 36-month loan was sourced through Tom Bracken of Capmark Finance.
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