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April 3, 2025

PGIM arranges $71M loan for First Hill units

Developed by Carmel Partners on First Hill, the 227-unit Victor apartments opened its doors to renters last summer. Now there's a new refinancing package in place. The nearly $71.2 million Fannie Mae loan came via PGIM Real Estate. Its Elizabeth Velazquez originated the funding, and she said in a statement, “We are excited to provide financing for The Victor, a high-quality multifamily development in one of Seattle's most sought-after neighborhoods. As the community approaches stabilization, we anticipate strong demand.” The new money retires the old construction loans from Citizens Bank and First Hawaiian Bank. Carmel's next big project will be the 569-unit Overlake Square, near Overlake Village Station.




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