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Apartments Snag $40M For Site Near Waterfront Park

Apartments Snag $40M For Site Near Waterfront Park
The Ainsworth & Dunn building and 10 Clay Apartments.

The historical Ainsworth & Dunn Building and the newly constructed 10 Clay Apartments were recently refinanced for $40M. Meriwether Partners has been renovating the building, which was constructed in 1904 as a cannery. The building is located at 2815 Elliott Ave.

The 13-and-a-half-year financing was co-brokered by Gantry’s Mike Taylor and Mike Wood, both of Seattle, on behalf of a Principal Global Investors affiliate, which bought the building last year.

The transaction was initiated to lock in the current low interest rates, but was delayed over the lender’s concern about a coworking firm tenant.  

The development includes the newly constructed 62-unit 10 Clay Apartments, which is a six-story mid-rise luxury apartment complex with 7K SF of street-level retail. The A&D building is a three-story historic landmark building with 33K SF of rentable office space. The buildings are connected by an underground garage and a street-level breezeway.

The development is adjacent to Seattle’s under-construction Waterfront Park. Commercial real estate investors flocked to this neighborhood during and after the destruction of the old Alaska Way Viaduct, which was long considered to be an eyesore that cut the city off from the waterfront.