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April 17, 2025

M&M lands over $21M for SLU units

Marcus & Millichap Capital announced that it recently arranged an over $21.7 million loan to Wilshire Capital, which developed and owns the 98-unit Tellus on Dexter, in South Lake Union. The borrower and lender, Fortress Credit Realty Income Trust, are based in Los Angeles, where M&M's Bradley Buzi made the deal. He said of the two-year loan, “With a maturing loan coming due, the borrower was seeking a cash-neutral refinance that offered flexibility during the initial term. This transaction was a significant achievement for the borrower and all parties involved.” The eight-story Tellus was completed in 2019, with Synergy as the builder and the architect being VIA Architecture (now Perkins Eastman).




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