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June 16, 2022
Security Properties broke ground about two months ago on The Confidential, a 29-story, 212-unit project in Belltown. The developer then said MetLife Investment Management was its equity partner, and that a construction loan would soon follow for the roughly $200 million venture. Now Cushman & Wakefield has announced its recent role in arranging $193 million in financing: about $115.2 million from MetLife, and an over $65.1 loan from Bank OZK. Public records indicate that the latter deal closed this week. For the whole package, C&W's Dave Karson, Chris Moyer, Alex Lapidus and Meredith Donovan worked with all parties. Karson said in a statement, “The region is still facing a significant housing shortage due to the incredible big tech job growth in area. The Confidential is going to be one of the nicest apartment buildings in the Pacific Northwest.” VIA Architecture is the designer, and Exxel Pacific the builder.