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January 30, 2020

CBRE arranges loan for Alley24 buyer

The residential portion of Alley24, at 241 Yale Ave. N. in South Lake Union, sold last month for $71.8 million. CBRE recently announced that it secured a loan for the buyer, Jacobson Co. of Los Angeles, without specifying the amount or the lender. (Public records say it was Heitman.) In CBRE's Los Angeles office, Brian Eisendrath, Brandon Smith and Cory Wizenberg arranged the deal. The mixed-use Alley24, with 172 unit apartments, was developed in 2006 by Vulcan Real Estate with Pemco Insurance. New owner Larry Jacobson said in a statement, “There is a supply and demand imbalance in local multifamily which bodes well for existing product in the neighborhood such as Alley24.” He also said that other Seattle area investments were planned this year.




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