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August 27, 2026

Movers & Markets: Museum House gets $250M boost

By BRIAN MILLER
Real Estate Editor

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Museum House

The dramatic, twin-tower, 506-unit Museum House apartments opened in March of 2025, after seven-odd years of construction. The project sprouted on the parking lot of the Frye Art Museum, just across the street. It began under Canadian developer Westbank, and now seems to be owned by OPTrust, the large Canadian pension fund that helped back it. Massachusetts Mutual supplied the last loan, mid-construction. Now it's been retired with a $250 million refinancing package. Barings supplied the fresh cash, and its JB Gerber said in a statement, “Backed by strong sponsorship and resilient market fundamentals, the property represents the type of lending opportunity we seek to support.” Cushman & Wakefield's Dave Karson, Christopher Moyer, Alex Lapidus and Meredith Crawford represented OPTrust. Karson added, “This is one of the most architecturally significant buildings in Seattle, and the First Hill neighborhood is developing nicely as a residential community just outside the downtown.” Perkins&Will designed the 33-story towers.


 
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