HFF Secures $66.9M in Seattle and Amarillo

Holliday Fenoglio Fowler, Houston, arranged $38.8 million for SeaTac Office Center, a 539,000-square-foot office complex adjacent to SeaTac International Airport. 

Working on behalf of a joint venture between Urban Renaissance Group and Iron Point Partners, HFF placed the floating-rate bridge loan with Bank of America.

ScanlanKemperBard Cos. sold the three-building high-rise office campus to the venture in October for $47.1 million. HFF represented the seller in that negotiation.

SeaTac Office Center is currently 63 percent occupied. But Urban Renaissance Group CEO Patrick Callahan said with core downtown Seattle markets experiencing increased rental rates and decreased vacancies, he expects this location will experience significant future demand, “especially with Sea-Tac airport’s anticipated growth of 40 percent over the next 10 years.”

Bruce Ganong, senior managing director with HFF, led the debt-placement team with Associate Director Erica Christensen.

HFF also secured $28.1 million in construction financing for a 225-room Embassy Suites hotel to anchor the Civic Center redevelopment in Amarillo, Texas. Senior Managing Director Travis Anderson and Director Jim Curtin worked on behalf of developer NewcrestImage to secure the financing through Southwest Bank, the largest locally owned bank in Fort Worth, Texas.

Located at the intersection of Sixth Avenue and Buchanan Street, the 200,000-square-foot Embassy Suites hotel represents part of the planned improvements surrounding Amarillo’s Civic Center convention center. The all-suite hotel will also include 30,000 square feet of meeting and function space upon completion in 2017.