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8/07/26
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A Steinhauer Properties affiliate has obtained a refinance loan in the amount of $107 mil on a 717.7k sf, LEED Silver-certified property in Seattle. The property, located at 255 South King St, consists of a 209.5k sf office tower and a 282-room Hilton Embassy Suites hotel with 10k sf of meeting and event space, a pool, fitness center, parking garage and 17.3k sf of retail.
The property provides immediate access to major transit routes, including proximity to regional light rail stations and bus lines, facilitating convenient commutes for employees, residents and visitors. The site is also within walking distance of local dining, shopping and entertainment venues, enhancing its appeal for mixed-use occupancy.
Dave Karson, Chris Moyer and Chris Meloni of Cushman & Wakefield arranged the transaction for the borrower. Stoneway Capital originated the loan on behalf of Ardent Capital Management.
"Office and hotel have been out of favor in Seattle the last few years but we are seeing signs of capital returning to the space. This refinancing underscores interest in high-quality assets with strong cash flow,” said Karson. “It's a great opportunity for capital to invest at a historically low basis in a market that feels like it has bottomed and is on a path to recovery."
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