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August 8, 2024

A bit more about that Olympic Block sale

The two-building Olympic Block in Pioneer Square changed hands this spring, as the DJC then reported. BH Properties acquired the mostly vacant offices — but not the condos on top — in a zero-dollar foreclosure sale. (It also assumed the old loan.) Now Gantry has supplied some additional details about the acquisition. Working out of the firm's Los Angeles office, its Mark Ritchie and Alicia Sabanero arranged a $3 million bridge loan to HB from an unnamed life insurance company. Of the three-year, fixed-rate loan, which carries interest-only terms, Ritchie said in a statement, “We're fortunate to have institutional capital providers that recognize this is an opportune time to finance the acquisition of underperforming assets, particularly at a greatly discounted basis compared to just a few years ago.” Gantry's recent press released called the Olympic Block a distressed asset. At the time of the sale, the offices were about 90% vacant, and Broderick Group newly represents the space. BH is moving its Seattle office into the main building. Its Jim Brooks said, “This loan puts us on track to reposition Olympic Block and re-energize one of the premier creative office environments in downtown Seattle.” Frontal Trust is also a partner in the new ownership.




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