Saturday, October 17, 2015

HFF arranges $88 million construction loan for Urban Union building in Seattle, WA

Rendering of planned Urban Union office development,
501 Fairview Avenue North, Seattle, WA

NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an $88 million construction loan for Urban Union, a 291,000-square-foot, trophy office development in Seattle, Washington. 

HFF worked on behalf of the borrower, Schnitzer West, LLC, to secure the construction financing with Blackstone Real Estate Debt Strategies (“BREDS”) and Bank of the Ozarks. 

Jennifer Keller
Due for completion in 2016, Urban Union will be a LEED Gold certified, 12-story boutique office building with 284,357 square feet of office space, 6,725 square feet of ground level retail space, and a 392-space subterranean parking garage. 

The development is catering its amenities to TAMI tenants (technology, advertising, media and information sectors) with two key collaborative workspace features: The Union, which is a two-story, 4,500-square-foot gathering space that features a conference center, catering kitchen, quiet room and board room; and The Overlook, an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle, as well as an indoor enclosed area that can be divided into smaller meeting spaces. 

Tom Wilson
Additional building amenities include a fitness center with showers and lockers, bike storage and repair center, and concierge service. 

Located at 501 Fairview Avenue North, Urban Union is two blocks south of Lake Union at the gateway to Seattle’s South Lake Union neighborhood, home to, The Gates Foundation, the Fred Hutchinson Cancer Research Center and the University of Washington Biotech campus. 

Access to the property is available via the South Lake Union Streetcar, several Metro bus routes, numerous bike lanes, and ferry service as well from Interstate 5 and State Route 99.

Schnitzer West (SW) is in discussions with multiple companies interested in the property.  SW recently held a “topping out” ceremony to celebrate the placement of the last beam of structural steel atop the highly anticipated 12-story office tower.  Urban Union is on schedule for a March 2016 delivery.

The HFF debt placement team was led by senior managing director Michael Tepedino, director Jennifer Keller and managing director Tom Wilson.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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