JLL arranges $30M construction loan for Seattle multi-housing project
The boutique property in the Lower Queen Anne neighborhood will include ground-floor retail
SAN FRANCISCO, February 4, 2020 – JLL Capital Markets announced today that it has arranged $30 million for the development of Roystone, a 93-unit, boutique multi-housing project with ground-floor retail in Seattle’s desirable Lower Queen Anne neighborhood.
JLL worked on behalf of the developer, Vibrant Cities, to secure the construction financing through First Interstate Bank.
Due for completion in fall 2021, the eight-story building will include 93 luxury residences with underground parking and a rooftop deck offering views of Downtown Seattle, the Space Needle and Elliott Bay. The project will also feature small-scale, street-level retail totaling 3,814 square feet that will contribute to the neighborhood’s pedestrian-friendly character. The project is designed by Jackson Main Architecture and general contracting services are being provided by Pavilion Construction. In addition to the rooftop deck, amenities will include a lobby-level resident lounge, fitness room and clubhouse.
The JLL Capital Markets debt placement team representing Vibrant Cities was led by Brandon Roth, Zack Goodwin and Matt Pelpel, who have financed multiple projects for Vibrant.
”We value Brandon Roth, Zack Goodwin and the JLL partnership,” said James Wong, CEO and co-founder of Vibrant Cities. “The team has been a trusted partner for Vibrant on multiple projects. With their representation, we can be confident we are getting the right funding partners and optimal terms for all parties involved. Brandon and his team delivered on those expectations again with Roystone.”
“For every project Vibrant develops, we always have a partner in charge from beginning to end,” said Pui Leung, a managing partner and co-founder of Vibrant. “As the partner in charge of Roystone, I am proud to state that this project will be the first eight-story apartment community built under Seattle’s up-zoned code in Queen Anne, one of city’s most desirable neighborhoods. We’re excited and grateful to be adding needed urban living apartments in the fast-growing Seattle market.”
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Vibrant Cities
Vibrant Cities is a local Seattle-based company that focuses on the development of multifamily and hospitality properties in the heart of Seattle and Portland. Vibrant currently owns or has investments in over 1,600 units in the various stages of the development lifecycle. The company’s mission is to build vibrant and smart communities that people feel proud to call home. Vibrant strives to bring people more happiness by decreasing their commute time by building great communities where people can live, work and play all within a short walk.