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Real Estate
 Lynn Porter Real Estate Editor |
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October 30, 2008
Real Estate Buzz: Apartment towers due for a slowdown?
By LYNN PORTER
Real Estate Editor
Real Estate Editor
Developers will have a tough time getting financing to build downtown Seattle high-rise apartments in the next 12 to 24 months because that market may be nearing saturation, according to John Marasco, Security Properties managing director of development.
Northwestern Mutual Life Insurance Co., Security's partner, is providing debt and equity financing for their 40-story, 325-unit apartment project at 815 Pine, Marasco said. And he said thanks to the firm's “great institutional equity relationships” Security should have construction financing after the first of the year for its 40-story, 344-unit Kinects apartments planned for 1823 Minor Ave.
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Previous columns:
- Real Estate Buzz: Changing light bulbs a challenge at library, 10-16-2008
- Real Estate Buzz: Credit crunch good for apartment owners, 10-02-2008
- Real Estate Buzz: Callahan: Seattle market will hold up, 09-18-2008
- Real Estate Buzz: Site of proposed Bellingham tower now for sale, 08-21-2008
- Real Estate Buzz: Intracorp listing includes a surprise, 08-07-2008
- Real Estate Buzz: Ivanoff sees ‘pretty strong demand', 07-24-2008
- Real Estate Buzz: After 100 years, Joshua Green gets redo, 07-10-2008
- Real Estate Buzz: Polyclinic buys nearby lot, just in case, 06-26-2008