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May 23, 2024
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Seattle Apartment Complex Lands $53.5 Mil Refi


Cypress Apartments, a 237-unit, six-story, Class A, market rate apartment complex in Seattle’s Yesler Terrace community, has been refinanced with new permanent financing of $53.5 mil. The property, located at 120 Broadway, was completed in 2019 as part of the strategic Yesler public housing redevelopment, a complete transformation of a 30-acre public housing community to include 5000 new housing units for all income types – low income, affordable and market rate.

Michael Taylor and Alex Saunders with Gantry, working in conjunction with Russ Cree of Glacier Real Estate Finance, secured the financing on behalf of the borrower, a private real estate entity. The loan was presented to dozens of potential sources and ultimately the five-year, fixed rate loan was secured through a credit union that was best able to meet the borrower’s needs.

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