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New Waterfront Apartment Refinanced For $48M

Cyrene developer Mack Real Estate Group landed a $48M refinance loan on the newly opened waterfront apartment building.

Mack Real Estate Group recently completed a $48M refinance of its Cyrene apartment community at 50 University St. in downtown Seattle.

The mixed-use, 169-unit Cyrene opened in 2017 and has 3,866 SF of ground-floor retail space.

The financing was arranged by JLL Managing Director Ray Allen, Senior Vice President Seth Hiekkila and associate Drew Heitstuman.

The building’s upper floor units have views of Elliott Bay and the Olympic Mountains. The lower floor units’ views will open up in the fall of 2019 after the demolition of the Alaska Way Viaduct.

“It’s a symbol of a new era on the Seattle waterfront,” Allen said in a statement.