Urban Union Bags $88M in Construction Financing
HFF's Mike Tepedino tells us that Seattle remains high on the radar screen for institutional investors around the world. As well it should: "It's a market with strong fundamentals, limited supply and a growing employment base,” he says. Recently HFF arranged an $88M construction loan for Urban Union, a 291k SF office development in Seattle.
HFF worked on behalf of the borrower, Schnitzer West, to secure financing from Blackstone Real Estate Debt Strategies and Bank of the Ozarks. Slated for completion in 2016, Urban Union will be a LEED Gold, 12-story building with ground-level retail space, and 392 spaces of subterranean parking. According to Schnitzer West, the development is gearing its amenities to TAMI tenants (technology, advertising, media and information sectors) with two key collaborative workspace features: The Union, a two-story, 4,500 SF gathering space, and The Overlook, an outdoor deck and rooftop conference center.