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3/27/18
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Newmark has secured $25.5 mil in financing for 1111 East Olive Apartments, an 80-unit residential property in Seattle, WA. Newmark’s Michael Taylor and Patrick Taylor arranged the 15-year term financing through Aegon Real Assets US.
Meriwether Partners developed the project for the long-time land owners, which includes ground floor retail. The apartments are situated on floors two through six, which includes a rooftop deck, conference room, gym, secured bicycle storage, and parking for 69 vehicles. The ground floor retail will include a corner coffee shop, and the new home of the Richard Hugo House, a non-profit center for supporting writers.
“The developer was looking to take advantage of the interest rate environment and lock up the permanent financing to take out their construction loan.” said Mike Taylor of Newmark. “Aegon Real Assets US was able to accommodate that request at very attractive loan terms and fund the loan as soon as the property received its Certificate of Occupancy, before any significant leasing had occurred.”
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