$60M financed for Seattle multi-housing development
JLL Capital Markets led the financing efforts for the 178-unit Gridline Apartments development in Seattle, Washington
SEATTLE, May 12, 2022 – JLL Capital Markets announced today that it has arranged $60 million in construction financing for Gridline Apartments, a multi-housing development currently under construction in Seattle, Washington.
Working on behalf of SRM Development and its partners, JLL secured the construction loan provided by an affiliate of an international real estate investment company.
Located at 1421 Harvard Ave., the property is a 10-minute walk from Seattle’s Central Business District, providing future tenant’s access to nearly 330,000 jobs and prominent technology employers in the adjacent South Lake Union submarket. The site is surrounded by Seattle’s First Hill medical hub with four nationally renowned hospitals, and Seattle’s famous “Pike Pine Corridor” is directly adjacent to the project, serving as one of Washington’s most popular nightlife destinations. A variety of public transit options are walkable from the site, including Link Light Rail Station, Metro Bus stations and the nearest First Hill streetcar.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Director Kaden Eichmeier and Associate Steve Petrie.
“Seattle continues to be a top market for the most competitive capital sources in the construction finance industry, driven by sound fundamentals and robust tenant demand returning to the urban core,” said Eichmeier. “Absorption has recently rebounded as renters return to downtown, eclipsing annual deliveries by nearly 2.5 times. Congratulations to SRM Development, it’s partners and the lender on their new business venture with Gridline Apartments.”
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 and sales 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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About JLL
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About SRM Development
SRM is a privately owned real estate company, specializing in multi-family, senior housing, affordable, and mixed-use development and construction in high barrier, urban markets across the western United States. Led by an entrepreneurial team who share a passion for projects that deliver exceptional value for residents, the community, and investors, SRM’s integrated approach allow it to deliver quality projects.