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June 13, 2019
Miami-based balance-sheet lender 3650 REIT announced $135 million in refinancing to Martin Selig Real Estate, for a portfolio of three older office buildings. They are: 333 Elliott West (in Lower Queen Anne) and Fourth & Battery and Third & Battery, which are both in Belltown. They total about 400,000 square feet, and are well over 90% leased.
The 10-year loan will help capitalize some of Selig's new projects. Those include the renovation/expansion of the landmarked old Federal Reserve Bank building at 1015 Second Ave., which is under construction without an announced tenant. A similar renovation/expansion is in the works for the landmarked old Firestone building in South Lake Union, at 400 Westlake Ave. Selig is also planning a new office building in Lower Queen Anne, a high-rise office/apartment tower at Third and Virginia and an office/apartment hybrid on a full block near the waterfront at 800 Alaskan Way (aka 815 Western Ave., aka 75 Marion St., aka the Windermere Building, aka the Commuter Building block). The latter could rise to 260 feet, instead of the current 170-foot zoning cap, depending on how negotiations go with the city about incorporating and partially funding — with $10 million — the new Marion Street Bridge to the ferry terminal. No demolition permit has been filed yet to remove the old structures.
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