Schnitzer West Secures Crucial Loan for Madison Centre
- Feb 25, 2016
Seattle–Seattle’s office market continues to impress, with a major financing measure being completed for Schnitzer West’s Madison Centre development project in the city’s CBD. HFF provided a $225 million construction loan for the trophy office project that broke ground back in 2014.
Michael Tepedino, Geoff Goldstein, Tom Wilson and Jennifer Keller led the HFF debt placement team that was responsible for the financing process. The team worked on behalf of Schnitzer West, and Cornerstone Real Estate Advisers, securing the loan through Blackstone Real Estate Debt Strategies, the third such deal completed by HFF for Schnitzer during the past year.
Taking shape at 505 Madison St. in the city’s CBD, Madison Centre will be a 37-story, 753,869-square-foot trophy office project. The property’s location at the corner of 5th Avenue and Madison Street, and adjacent to the Seattle Public Library offers proximity to a robust transit network that includes the I-5, the Ferry Terminal, and roughly 40 inbound, outbound and crosstown bus routes and light rail lines. With completion set for 2017, the property will also feature a ground floor retail component totaling 7,828 square feet, as well as a seven-level underground parking facility.
Designed to meet LEED Gold standards upon completion, Madison Centre will feature a state-of-the-art conference of training center, catering kitchen, a boardroom with an exterior deck, a three-story living wall, concierge service, and a 5,200-square foot gym.
According to Yardi Matrix’s latest Metro Outlook, Seattle is adding jobs at a higher rate than the nation, with roughly 42,000 new jobs being added to the metro in the 12 months ending in November 2015. With the employment rate set to continue in a good rhythm, this type of projects are a testament to the strength of the city’s office market.
Rendering courtesy of Madison Centre