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Dealmaker: 3650 REIT Originates $135M to Refinance Selig Office Portfolio
Balance-sheet lender 3650 REIT, Miami, funded a $135 million, 10-year first mortgage to Martin Selig Real Estate to refinance three Seattle office properties that total nearly 403,000 square feet.
The Selig Office Portfolio included 333 Elliott West; Fourth and Battery at 2401 4th Avenue; and Third and Battery at 2400 3rd Avenue, all in downtown Seattle. The latter two buildings are in Belltown, Seattle’s most densely populated neighborhood; 333 Elliott West is on the waterfront just north of the other two properties.
3650 REIT Managing Partner Ken Dickey originated the fixed-rate loan, the largest loan to date for the firm’s 10-year fixed-rate program.
The Seattle office market has shown rental rate growth and lower vacancy in 2019, 3650 REIT said.
Elsewhere in the Seattle-Tacoma area, 3650 REIT facilitated a $78 million construction loan to Yareton Investment LLC, Seattle, to complete a 304-room full-service Marriott hotel in downtown Tacoma, Wash.
The 22-story hotel is 30 percent complete. When finished it will include 9,000 square feet of event space and a 10,000-square-foot ballroom and will have a direct connection to the Greater Tacoma Convention Center. The hotel is part of Yareton Investment’s broader mixed-use project that includes a residential tower aimed at local residents and University of Washington Tacoma students.
Matt Fisher, Originator JS Coats Capital LLC, Kirkland, Wash., arranged the financing.