SEATTLE — Essex Financial Group has arranged a $75 million permanent loan for Menashe Properties to refinance Medical Dental Building, an infill medical office building in downtown Seattle. The sponsor purchased the 297,470-square-foot historic building in 2019 and assumed existing debt on the property.
The seven-year loan features a fixed interest rate with three years of interest-only payments followed by a 30-year amortization. Alex Riggs and Blaire Butler of Essex Capital Markets secured the financing for the borrower.
Originally built in 1924, the 18-story office building has undergone several renovations with the most recent completed in 2014. At time of financing, the property was 91 percent occupied by 123 tenants. The property also features ground-floor retail space, which a coffee shop and local pharmacy occupy.