JLL places $36M bridge loan on downtown Seattle office asset
Mixed-use commercial condominium in amenity-rich CBD location
SEATTLE, September 18, 2019 – JLL announces that it has placed a $36 million bridge loan on Bay Vista, a 119,793-square-foot, mixed-use commercial condominium with 173 underground parking stalls in Seattle, Washington.
JLL worked on behalf of the borrower, Madison Marquette, to secure the 36-month, floating-rate bridge loan.
Bay Vista is located at 2815 2nd Avenue just north of the Seattle Central Business District, southwest of South Lake Union and less than half of a mile south of Seattle Center, home to the Space Needle, Pacific Science Center and Key Arena. With a Walk Score® of 96, the property boasts an amenity-rich location with close proximity to numerous mass transit options including bus routes, streetcar lines, bike lanes and car sharing locations. The offering comprises 12 commercial condominium units within the first five floors of the building. The 18 floors above Bay Vista, which were not part of the offering, consist of privately-owned residential condominium units.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Tom Wilson, Director Zack Goodwin and Analyst Kaden Eichmeier.
“Since Madison acquired the property in 2016, Bay Vista has been repositioned as a dominant, technology-oriented office destination for millennial users,” Wilson said. “We were pleased to assist them in refinancing their acquisition loan, which our team placed on their behalf three years ago.”
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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Madison Marquette
Madison Marquette is a leading private real estate investment manager, service provider, developer and operator headquartered in Washington, DC. The company provides investment management, development, leasing and property services to a diverse portfolio of 330 assets in 20 states and manages an investment portfolio valued at over $6 billion.