Cushman & Wakefield has brokered a US $110 million refinancing deal with Citibank for Met Tower, a multifamily high-rise development at 1942 Westlake Avenue in Seattle, serving as exclusive advisor to Low Tide Properties and Continental Properties.
Met Tower is a 366-unit luxury apartment property. Originally built in 2001, the property features studio, one- and two-bedroom floor plans along with 10,139 square feet of retail space and an attached eight-level parking garage.
Cushman & Wakefield’s Equity, Debt & Structured Finance team representing the borrowers was led by Vice Chairman Dave Karson and Executive Managing Director Alex Hernandez, who were supported by colleagues Chris Moyer, Alex Lapidus and Meredith Donovan.
Karson comments: “Capital is still very much available today for the right deals, and multifamily continues to be one of the bright spots.
Hernandez adds: “Many lenders and investors recognize that despite all of the recent conversation around remote work, living close to employment centers becomes particularly appealing in volatile labor markets.
“The lending community was very receptive to the asset. We are pleased to have identified such a strong partner in Citibank.”
