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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?

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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