AIG Lends $113M for Skyglass Tower Multifamily Development in Seattle – Commercial Observer

Gemdale USA Corporation has landed $ 113 million home loan for the development of Skyglass tower, a 29-story apartment building in the South Lake Union submarket of Seattle.

AIG provided the loan in a transaction made by. was arranged Cushman & Wakefield‘S Dave Karson, Chris Moyer and Keith Padien.

“Seattle is benefiting greatly from job creation in the area and South Lake Union remains a prime location for new development,” said Karson. “Strong developers like Gemdale get a lot of attention from debt and equity investors interested in high-quality projects.”

The new tower is in 222 Dexter Avenue North and designed by the architectural office Hewitt, comprises 338 apartment buildings and an unobstructed view of the water. The project will also include 2,260 square feet of retail space on the ground floor and a premium amenity package.

Construction of the tower, which has a distinctive, angled glass facade, is expected to be completed in October 2023.

“Gemdale decided to take a permanent loan for the construction to secure interest rates that are still historically low today,” added Moyer. “The facility included a significant earn-out feature after completion that gives them additional flexibility.”

Skyglass Tower is Gemdale’s first high-rise housing project and first development in Seattle. The developer, headquartered in Pasadena, California, announced in July 2019 that it had acquired the 18,000-square-meter lot of the building – in the heart of Seattle’s technology and life sciences hub.

The tower meets growing demand for housing in the South Lake Union area following the growth of businesses like Amazon, Google, Facebook and Apple. It’s also located near the Seattle Center, the area that the Space needle and the completely renovated Climate pledge Sports arena – in which soon the Seattle Kraken Ice Cream Hockey team starting its first season in the fall.

“Cushman & Wakefield brings significant skills and experience to our customers in Puget Sound, and we continue to actively grow in the region,” said Alison Beddard, executive director of Washington Operations at C&W. “We are proud to be involved in developments such as the Skyglass Tower, which deliver new, high-quality products with sustainable effects for our region.”

When the project was announced in 2019, the chairman of Gemdale was USA Jason Zhu said: “We look forward to entering the Seattle market and look forward to developing our first project in this distinctive location. South Lake Union is one of the most dynamic submarkets in the country, and we look forward to adding this world-class project to the Seattle skyline. “

The Seattle market continues to attract a flood of investors and conquer Manhattan’s crown for foreign investment in US commercial real estate in May, as the Seattle Times first reported. It is also rrecently added an east coast owner to their list: Boston real estate announced that it is acquiring Safeco Plaza in a $ 465 million deal as part of a strategy to establish a presence in the Seattle market.