MRC Lends $27M on 2 Seattle-Area Projects
By Cathy Cunningham January 13, 2020 5:31 pmreprints
Madison Realty Capital (MRC) has provided $27 million in financing for two projects in Tacoma, Wash., and Downtown Seattle, the lender announced today.
The debt will be used to complete the development of a mixed-use property in Tacoma and also refinance an existing land loan on a 9,878-square-foot development site in Downtown Seattle.
The Tacoma property is currently 65 percent completed and part of Tacoma Town Center — a multi-phase urban infill development. Phase one includes 240,000 square feet of retail space, 200 market-rate housing units and office space that surrounds a retail plaza, according to developer North America Asset Management Group’s website.
The eight-story asset sits at the northeast corner of Jefferson Avenue and South 23rd Street, adjacent to the University of Washington Tacoma in the area’s Hilltop neighborhood. The 144-unit rental property will include a mix of studios, one-bedroom and two-bedroom units in addition to 5,917 square feet of retail, a 116-space parking garage and a 1,000-square-foot amenity room.
The Downtown Seattle development site is located at 2300 8th Avenue in the Denny Triangle/Belltown neighborhood. A vacant restaurant currently sits at the site, but not for long: A luxury condominium tower will soon take up residence there.
“This was an attractive financing opportunity given the location of the sites and a seasoned sponsor with extensive real estate investment and development experience,” Josh Zegen, a co-founder and managing principal of MRC, said in prepared remarks. “MRC was able to provide the borrower with a one-stop shop execution addressing all of their needs, including financing the Tacoma asset mid-construction to prevent significant delays.”
Seattle is the focus of a deluge of lending and investment activity, buoyed by its top-tier tech tenants including Microsoft, Amazon, Facebook, Google and Apple. Just last week, Invesco Real Estate acquired two Microsoft-occupied office buildings in Bellevue for approximately $600 million, as first reported by CO.
“MRC will look for other opportunities in the greater Seattle metro area as part of our long-term expansion strategy to deliver customized financing solutions to markets nationwide,” Zegen added.