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News release

SEATTLE, WA

Landmark $284 Million Multifamily Development Slated in Seattle

JLL secures senior construction financing and mezzanine capital for 2202 8th Avenue


SEATTLE, Jan. 12, 2016 – Seattle’s growing tech hub continues to draw demand for multifamily assets providing fertile ground for investors. On behalf of Clise Properties, Inc., JLL’s Capital Markets experts today announced that the firm has secured senior construction and mezzanine financing for the $284 million development of 2202 8th Avenue, a 40-story luxury multifamily development in Seattle’s South Lake Union neighborhood. Bank of the Ozarks provided the senior construction loan.  EverWest Real Estate Partners, in partnership with Diamond Realty, a division of Mitsubishi Corporation, provided the mezzanine loan. The mezzanine financing marks the Japanese lender’s first significant investment in Seattle, demonstrating the strength of the market and 2202 8th Avenue’s high-profile status.
 
Managing Directors John Lo and John Manning and Executive Vice President Alex Witt led the JLL team on the transaction.
 
“The iconic landmark design of 2202, plus its state-of-the-art amenities, and 50-yard line location, is expected to serve as the pinnacle of residential luxury in Seattle,” said Lo.  “Clise Properties is a renowned name in commercial real estate and this project is a reflection of their commitment to Seattle and a first class execution.”
 
The asset will total 450 units and feature floor-to-ceiling windows offering views of Elliott Bay and the Olympic and Cascade Mountain ranges. Amenities will include a full-floor rooftop deck, clubroom, and game room along with a terrace with fire pits and seating areas, a penthouse-level fitness center and yoga and barre studio, spa and Jacuzzi as well as a dog spa and park. The property will also feature notable street level restaurants, and a 350-stall parking garage, including private garages.
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.