CBRE Secures $196.2M in Financing for Chapter Buildings Mixed-Use Development in Seattle’s University District
SEATTLE — CBRE has arranged joint-venture equity and $196.2 million in construction financing for Chapter Buildings I and II, two mixed-use buildings in Seattle’s University District. Seattle-based Touchstone, Atlanta-based Portman Holdings and Houston-based Lionstone Investments comprise the development team.
Tom Pehl, Charles Safley, Todd Tydlaska of CBRE Capital Markets West Coast, along with James Scott and Brian Myers of CBRE Capital Advisors, arranged the equity. Brad Zampa, Mike Walker and Megan Woodring of CBRE Debt & Structured Finance arranged the financing.
Construction of Building I commenced earlier in 2022 and construction of Building II will begin in late 2022, with expected delivery in 2024.
Totaling more than 400,000 square feet, the Chapter Buildings will consist of two assets. Chapter Building I, located at 4530 12th Ave. NE, will rise 12 stories featuring 240,000 square feet of office space and 9,000 square feet of ground-floor retail. The 10-story Chapter Building II will feature 154,000 square feet of life sciences and research & development space above 4,000 square feet of retail space.
Greg Inglin, David Abbott and Laura Ford of CBRE are marketing the buildings for lease.