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Cushman & Wakefield recently arranged $265M in construction financing for the development of the 727,634 SF Southport Office Campus in Renton. The financing was provided by Apollo Commercial Real Estate Finance Inc.
A New York-based Cushman & Wakefield Equity, Debt and Structured Finance team of Dave Karson, Steve Kohn, Gideon Gil, John Alascio, Chris Moyer and Alex Lapidus represented borrower SECO Development Inc.
“The market for construction and transitional financing has dramatically improved over the past year, with the radar on more lenders and investors,” Cushman & Wakefield Equity, Debt and Structured Finance Executive Managing Director Dave Karson said. “Special projects like Southport are attracting capital and tenants from around the world.”
Karson said his company has been involved in a few billion dollars worth of financing in the Seattle area.
“Much like New York, there’s a long line of capital trying to figure out the best way to get into this market as the boundaries of the city are expanding.”
Upon completion, the Southport Office Campus will consist of three nine-story towers, over 10K SF of retail space and a six-story on-site parking garage. The three towers will include 717,355 SF of Class-A office space.
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