 |
| REO Flats, 1515 14th Avenue, Seattle, WA |
LOS ANGELES, CA – HFF announced today that it has arranged
$8.4 million in joint venture equity for the development of REO Flats, a
108-unit multi-housing property with ground floor retail in Seattle,
Washington.
HFF
worked on behalf of Madrona Real Estate Services and Rick Moses Development to
secure the equity through Glenmont Capital Management, LLC, a New York-based
real estate investment firm.
Equity
proceeds will be used for construction of the property, which is anticipated to
take 16 months.
 |
| Christopher Vittetoe |
REO
Flats is located at 1515 14th Avenue between Pike and Pine in the Pike Pine
urban neighborhood of Seattle’s Capitol Hill.
Upon completion, the seven-story property will have 68,723 square feet
of residential space and 7,200 square feet of retail space plus 78 parking
spaces.
The
HFF team representing the owner was led by director Christopher Vittetoe.
Madrona Real Estate Services, LLC
(“Madrona”) was founded by Bradford G. Augustine in 1996. Madrona has developed commercial and
residential projects throughout the Puget Sound region and currently manages
more than 175,000 square feet of commercial property and more than 800
residential and condominium units.
Madrona currently owns or manages approximately 75,000 square feet of
retail space on Capitol Hill.
 |
| Bradford G. Augustine |
Rick Moses Development is a Los Angeles-based development
group formed in 2007 by Rick Moses.
Glenmont Capital Management, LLC (“Glenmont”) was founded in
2000 by Lawrence A. Kestin.
Glenmont is a New York-based real estate private equity fund manager
focused on real estate investments throughout the United States.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
No comments:
Post a Comment