Pioneer Square office project receives $90M in construction financing
JLL Capital Markets led financing efforts for the to-be-built, 8-story, 146,000-square-foot office building in Seattle
SEATTLE, Feb. 11, 2022 – JLL Capital Markets announced today that it has arranged $90 million in construction financing for The Jack, an office development currently under construction totaling 146,000 square feet in Seattle, Washington.
Working on behalf of Urban Visions, JLL secured the construction loan, provided by an affiliate of Mack Real Estate Credit Strategies, L.P.
Anticipated to deliver in Q1 2023, The Jack is designed by renowned architect Olson Kundig and will consist of an eight-story brick and glass building offering 20,000-square-foot flexible floorplates, 42 below-grade parking spots, on-site secure bike storage and a 17,000-square-foot outdoor terrace / roof deck. The Jack is pursuing LEED Gold, WiredScore, Salmon Safe and WELL Building certifications.
Located at 74 S. Jackson St., The Jack is in the heart of Pioneer Square and opens onto the amenity-rich Seattle Waterfront development that will offer 20 acres of contiguous pedestrian open space. The property boasts a Transit Score® of 100, a Walk Score® of 96 and a Bike Score® of 90 and is convenient to all of the cultural, retail, entertainment and dining amenities Downtown Seattle has to offer.
The JLL Capital Markets team representing the borrower consisted of Senior Managing Director Bruce Ganong, Director Kaden Eichmeier and Associate Christopher DuCharme
“Seattle remains one of the most active office construction markets in the country driven by over 2.5 million square feet of active tenant requirements,” said Ganong. “The Jack with it’s unique on the waterfront location is well-positioned to capitalize on this robust tenant demand.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Urban Visions
Headquartered in Seattle, Washington, Urban Visions is a privately held real estate owner, developer and manager committed to creating exceptional, highly innovative real estate projects that increase the well-being and productivity of the occupants of its properties in addition to enhancing surrounding communities. For more information, please visit urbanvisions.com.
About Mack Real Estate Credit Strategies
Mack Real Estate Credit Strategies, L.P., the Mack real estate credit business, was established to be a one-stop shop for borrowers with transitional assets, in particular to provide capital for deals that traditional banks are less likely to finance due to increased regulation, complexity and/or execution risk. MRECS focuses on properties in need of flexible capital and sponsors seeking an experienced, sophisticated real estate lending partner that is able to evaluate, design structured solutions for and manage such risks.