Done Deals: HFF secures $31.3 million financing for Seattle mixed-use development

Saturday, July 6, 2019

HFF secures $31.3 million financing for Seattle mixed-use development

Pivot, a mixed-use residential, office and retail property in Seattle’s Capitol Hill neighborhood

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $31.3 million in construction financing for the development of Pivot, a mixed-use residential, office and retail property in Seattle’s Capitol Hill neighborhood.

Brandon Roth

HFF worked on behalf of the developer, Vibrant Cities, to place the five-year, floating-rate construction loan with H.I.G. Realty Partners.

The sponsor acquired the development site in August 2016 with a vision to capitalize on the rapidly growing Seattle market and proximity to globally recognized employment hubs.

The project will replace an existing parking lot with a pedestrian-inspired development along the highly coveted Pike/Pine corridor and will feature a mix of 71 apartment units above a sub-grade parking garage.

The project will also feature small-scale, street-level retail, contributing to the neighborhood’s pedestrian-friendly character in addition to an 11,000 square foot office concept, which will add daytime use, much desired by the community.

Zack Goodwin

The HFF debt placement team, representing the developer, was led by senior director Brandon Roth and director Zack Goodwin.

“Building on the momentum they created with the record sale of The Cove in Capitol Hill, Vibrant Cities has developed another thoughtfully designed property that will be well-received by the community,” Roth said.