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3/17/20
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An affiliate of the Vanbarton Group has obtained $115.5 mil in financing for The Danforth, a 16-story, 265-unit apartment property in Seattle. Vanbarton purchased the property in December 2019 from the project developer, Columbia Pacific Advisors.
Built in 2018, The Danforth is centrally located at 1425 Spring St, in the city’s First Hill neighborhood. The property is located at the corner of Broadway and East Madison St, overlooking the First Hill streetcar line, and has 358 underground parking stalls on five levels. It is 96% leased and includes a 45k sf, two-level multinational organic supermarket chain on the ground floor and other market-leading amenities.
John Lo of CBRE’s Capital Markets’ Debt & Structured Finance group arranged the money through a European lender. The financing is a full-term, interest-only loan.
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