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8/25/26
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Museum House, a newly completed 506-unit multifamily community in Seattle, has landed new financing of $250 mil. Completed in 2025, Museum House in located at 707 Terry Ave, in the city’s First Hill neighborhood.
Museum House comprises 506 studio, one-, two- and three-bedroom residences, including 404 market-rate apartments and 102 income-restricted affordable homes through Seattle's Multifamily Tax Exemption (MFTE) program. The community also includes 6k sf of ground-floor retail.
The property consists of two residential towers connected by a glass-enclosed skybridge approximately 300 feet above ground, offering panoramic views of Seattle and Puget Sound. Residents have access to a rooftop pool and hot tub, an indoor/outdoor fitness center, coworking spaces, resident lounges, a creative kitchen, pet amenities and wellness programming. Museum House also incorporates market-leading sustainability features including water-efficient fixtures, high-efficiency mechanical systems, drought-tolerant landscaping and solar shading.
Located in Seattle's First Hill neighborhood, Museum House is adjacent to the Frye Art Museum and offers convenient access to downtown Seattle, Capitol Hill, Seattle University, leading healthcare institutions and regional transit. First Hill is one of Seattle's most established mixed-use neighborhoods, combining major employment centers, higher education, healthcare and cultural destinations within one of the city's most connected residential districts.
The Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Christopher Moyer, Alex Lapidus and Meredith Crawford represented the sponsor, a pension fund, in arranging the financing. Barings provided the loan. According to C&W, the transaction reflects continued lender demand for institutional-quality multifamily assets backed by experienced ownership in fundamentally strong markets.
"This is one of the most architecturally significant buildings in Seattle and the First Hill neighborhood is developing nicely as a residential community just outside the downtown,” said Dave Karson, Executive Vice Chair at Cushman & Wakefield. “There were many lenders who recognized the benefit of scale and the borrower received some exceptional bids for this refinance. It's a great sign for the market and for large institutional quality property."
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