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12/14/22
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Low Tide Properties and Continental Properties LLC have secured $110 mil in refinancing on Met Tower, a 366-unit, luxury multifamily project in downtown Seattle. The development, located at 1942 Westlake Ave, offers residents a premier live-work-play residential experience.
Originally built in 2001, Met Tower features studio, one- and two-bedroom floor plans along with 10.1k sf of retail space and an attached eight-level parking garage.
The property is situated in Seattle’s Denny Triangle area, one of the most dynamic and fastest-growing neighborhoods in the city. Denny Triangle boasts a walkability score of 99 out of 100 as it is an easy walk to Downtown, South Lake Union, Belltown, Capitol Hill and the Pike Place Market neighborhoods.
Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus and Meredith Donovan with Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged the loan. It was funded by Citibank,
“Capital is still very much available today for the right deals, and multifamily continues to be one of the bright spots,” said Karson. “Many lenders and investors recognize that despite all of the recent conversation around remote work, living close to employment centers becomes particularly appealing in volatile labor markets.”
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