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April 22, 2024
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MULTIFAMILY NEWS
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Security Properties Lands $180 Mil in Equity and Construction Money for Seattle Mixed-Use Tower

6/15/22

Security Properties Inc has obtained a $65.16 mil joint venture equity investment and $115.25 mil of construction financing for The Confidential, a trophy mixed-use development located in Seattle’s Belltown submarket. The joint venture equity was provided by MetLife Investment Management and the debt was provided by Bank OZK.

Featuring 212 apartment units, The Confidential is a unique mixed-use development in one of the most dynamic residential submarkets in the country. Upon completion, the property will also include 8k sf of ground floor retail and a 17.5k sf office space. Sponsorship is also pursuing LEED Silver certification for the building.

Dave Karson, Chris Moyer, Alex Lapidus and Meredith Donovan with Cushman & Wakefield’s Equity, Debt & Structured Finance team represented Security Properties in the transaction.

“The region is still facing a significant housing shortage due to the incredible big tech job growth in area. The Confidential is going to be one of the nicest apartment buildings in the Pacific Northwest and will be a top choice for a lot of folks working in Seattle or Bellevue,” noted Karson.





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