American Life Receives $122.7M in Refinancing for Mixed-Use Property in Seattle
SEATTLE — American Life Insurance (ALI) has received a $122.7 million loan for the refinancing of 255 South King Street, an office and hotel property located in Seattle. PCCP provided the loan to ALI, which developed the mixed-use property in February 2018.
255 South King Street consists of a 209,476-square-foot office tower and a 23-story, 282-room Hilton Embassy Suites. The hotel features approximately 10,000 square feet of meeting and event space, a pool, and a fitness center. The office tower, which spans 11 stories above a seven-story retail and parking garage podium, was fully leased at the time of sale.
Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged the financing for the borrower.