Developer Lively cities secured a $32 million debt package to refinance a newly completed mixed-use multifamily property in Seattle, Commercial Observer has learned.
Madison Realty Capital provided the loan for Vibrant Cities’ Rotating flatsa residential and retail project in the Capitol Hill neighborhood of Seattle. The eight-story development began in the summer of 2019 and was completed in June.
“Pivot offers flexible, centrally located short- and long-term living options for Seattle’s robust job market,” Josh Zegen, chief executive and co-founder of Madison Realty Capital, said in a statement. “We are excited to further expand our presence in the Pacific Northwest by offering a customized financing solution to Vibrant Cities, an experienced developer in Seattle with a long history of delivering high-quality, multi-family properties.”
Located at 1208 Pine Street, the 95 Pivot apartments are 69% let to date. Thirty of the apartments are fully let for short-term rental purposes for Survey United States, a boutique hotel and short-term rental manager. The property participates in Seattle’s Multi-Family Tax Exemption Program by designating 20% of units as affordable.
Community facilities at the property include an outdoor patio, garage, bike storage and fitness center. It also contains 4,900 square feet of commercial space on the ground floor which is fully leased to Wasabi sushi, La Cocina Oaxaquena and social tea.
“The Madison Realty Capital team deeply understood our vision for Pivot Apartments and its place in Seattle’s densest and hippest neighborhood, located within walking distance of the heart of downtown Seattle.” Ming Fongco-founder and president of Vibrant Cities, said in a statement.
Andrew Coen can be reached at [email protected].