JLL raises capital for Seattle luxury waterfront residential project
Construction financing totaled $43.5M for the 40-unit development
SAN FRANCISCO, December 12, 2019 – JLL announced today that it has raised capital totaling $43.5 million for the development of Infinity Shore Club Residences, a 40-unit, luxury, for-sale residential project in the desirable Alki Beach neighborhood of Seattle, Washington.
JLL worked on behalf of the developer, Vibrant Cities, to secure the construction financing through Man Group’s private markets investment manager, Man GPM, and Urbanite Capital.
Infinity Shore Club will comprise a mix of 40 one-, two- and three-bedroom waterfront homes averaging 1,553 livable square feet situated above a two-level, sub-grade parking garage. Located at 1250 Alki Avenue SW on the tip of the Duwamish Head of Alki Beach, the waterfront property provides unobstructed views of Elliott Bay, the Olympic Mountains and city views. The six-story project will also offer residents walking distance access to sandy Alki Beach, the West Seattle water taxi and direct access to public transportation to the downtown employment core. Due for completion in 2021, the project will feature an infinity pool that gives the appearance of water flowing from the integrated hot tub to the cool pool and down to a waterfall into the Puget Sound. Other amenities will include a rooftop deck with fire pit, sun deck and outdoor grilling/dining; large water-facing balconies with NanaWall technology in all homes; and eco-friendly, modern finishes, including LED lighting and high-end German-crafted appliances.
“The sleepy Seattle that I’ve called home since 1982 has evolved into the sleepless, fast-growth city that is home to global corporate giants and thousands of smaller tech and non-tech companies,” said James Wong, CEO of Vibrant Cities. “Infinity Shore Club is a one-of-a-kind waterfront project that will further lift Seattle’s reputation as a world-class city.”
“We’re grateful to partner with the team at JLL and our investors to make the dream of Infinity a reality,” added Ming Fung, co-founder and CFO of Vibrant Cities. “Having experienced other world-class cities like Hong Kong, Shanghai and Vancouver, we are honored to bring Infinity’s unmatched luxury to Seattle.”
The JLL Capital Markets team representing Vibrant Cities was led by Brandon Roth and Zack Goodwin, who have completed multiple projects with Vibrant.
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. vibrantcities.com