HFF Secures $490M in Construction Financing
Holliday Fenoglio Fowler, Houston, arranged $490 million in construction financing in Seattle and New York City.
HFF Executive Managing Director Michael Tepedino, Senior Managing Director Tom Wilson and Directors Geoff Goldstein and Jennifer Keller secured $225 million for Madison Centre, a 37-story Class A office project with ground-floor retail space in Seattle’s central business district.
Blackstone Real Estate Debt Strategies, New York, provided the loan to Schnitzer West LLC, Seattle, and a Cornerstone Real Estate Advisers institutional client.
Madison Centre broke ground next to the Seattle Public Library in September 2014 at the corner of Fifth Avenue and Madison Street. Upon completion next year, the asset will include 746,000 square feet of office space and 8,000 square feet of retail space.
The deal represented the third construction financing HFF secured for Schnitzer for Seattle-area development projects in the last year.
On the East Coast, HFF arranged $265 million for 160 Leroy Street, a 12-story 49-unit condominium building under construction in Manhattan’s West Village.
Working on behalf of Ian Schrager Co. in conjunction with Ares Management, Weinberg Properties and William Gottlieb Real Estate, HFF placed the construction loan with the Children’s Investment Fund Management (UK) LLP.
Due for completion in 2017, the property will span the entire block of West Street between Leroy and Clarkson Streets in the West Village with views of The Freedom Tower, the Hudson River and the George Washington Bridge.
Tepedino and Goldstein worked with Senior Managing Director Eric Anton and Associate Director Christopher Peck to place the debt.