CBRE Arranges $160M in Financing for 40-Story Apartment Building in Seattle
SEATTLE — CBRE has secured a $160 million permanent loan for McKenzie Seattle, a 40-story for-rent residential property located at 2202 Eighth Ave. in Seattle.
Completed in August 2018, the elliptical tower features 450 apartments in a mix of studio, one-, two- and three-bedroom penthouse layouts and 379 parking spaces. On-site amenities include a fitness center on the 39th floor, a common area with deck on the 40th floor, a private spa retreat and a 24/7 tenant concierge. Wild Ginger, a restaurant, occupies the ground-floor retail space.
David Stinebaugh and Mark Capeloto of CBRE’s Seattle office arranged the financing for the borrower, a subsidiary of Seattle-based Clise Properties. The fixed-rate, 10-year loan was closed as the property approaches stabilized occupancy. Northwestern Mutual Life Insurance Co. provided the financing.