SEATTLE – 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.”