Madison Realty Capital Refis Seattle Apartment Asset With $32M Loan
By Andrew Coen October 13, 2022 3:37 pm
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Developer Vibrant Cities has secured a $32 million debt package to refinance a newly completed multifamily mixed-use property in Seattle, Commercial Observer has learned.
Madison Realty Capital supplied the loan for Vibrant Cities’ Pivot Apartments, a residential and retail project in Seattle’s Capitol Hill neighborhood. The eight-story development broke ground in the summer of 2019 and was completed in June.
“Pivot offers centrally located, flexible short- and long-term living options for Seattle’s robust employment market,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “We are pleased to further expand our presence in the Pacific Northwest by delivering a customized financing solution to Vibrant Cities, an experienced developer in Seattle with an extensive history of delivering high-quality multifamily properties.”
Located at 1208 Pine Street, the 95-unit Pivot Apartments is 69 percent leased to date. Thirty of the apartment units are fully leased for use as short-term rentals to Sonder USA, a boutique hospitality company and short-term rental manager. The property participates in Seattle’s Multifamily Tax Exemption Program by designating 20 percent of the units as affordable.
The property’s community amenities include an outdoor deck, a parking garage, bike storage and a fitness center. It also contains 4,900 square feet of ground-floor retail space that is fully leased to Wasabi Sushi, La Cocina Oaxaqueña and Social Tea.
“Madison Realty Capital’s team deeply understood our vision for Pivot Apartments and its place within Seattle’s most dense and hippest neighborhood located within walking distance to the core of Downtown Seattle,” Ming Fung, co-founder and president of Vibrant Cities, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com.
