SEATTLE — Cushman & Wakefield has arranged a $113 million construction loan for Skyglass Tower, a 29-story multifamily project located at 222 Dexter Ave. N. in Seattle’s South Lake Union submarket. The total project cost is $196 million, according to the borrower and developer, Gemdale USA Corp.
The location puts the building within close proximity of several of Seattle’s largest employers, including tech giants Amazon, Google and Facebook. South Lake Union is also located in the heart of the city’s life sciences hub, according to Cushman & Wakefield.
Skyglass Tower will consist of 338 apartments in various floor plans, 2,260 square feet of ground-floor retail space and 128 underground parking spaces. The building will also feature an expansive amenity package and unobstructed water views. Hewitt Architects is designing the project, with completion slated for October 2023.
Insurance giant AIG provided the loan to Gemdale, a national development firm based in the Los Angeles area. Dave Karson, Chris Moyer and Keith Padien of Cushman & Wakefield arranged the debt.
“Seattle is benefiting greatly from regional job creation, and South Lake Union is still a prime location for new developments,” says Karson. “Strong developers like Gemdale are getting great attention from debt and equity investors interested in high-quality projects.”
“Gemdale chose a [permanent] construction loan to lock in today’s still historically low rates,” adds Moyer. “The facility included a significant post-completion earn-out feature that will create additional flexibility for them.”
— Taylor Williams