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February 15, 2018

C&W swings $265M loan for Southport

Cushman & Wakefield said it has obtained a $265 million construction loan for Seco Development's Southport project in Renton. C&W's New York office obtained the loan from Apollo Commercial Real Estate Finance, Inc. C&W also arranged a $105 million refinancing of Seco's adjacent and now open Hyatt Regency Lake Washington with Starwood Property Trust and Argentic Capital Management, and recapitalized the adjacent Bristol apartment complex — which Seco completed in 2008 — with Terra Capital Partners and private investors. The 17-acre Southport development will have over 700,000 square feet of office space, along with retail, restaurants and a parking garage. Total project size is about 2.4 million square feet, with completion expected next year.