Seattle Mixed-Use Project Moves Forward With $31M Loan
- Jul 01, 2019
After arranging a post-acquisition loan for The George, an office property in Denver, HFF has secured a $31.3 million construction loan for Pivot, a mixed-use development in Seattle. The company worked on behalf of the developer, Vibrant Cities—which acquired the site in 2016—to source the five-year, variable-rate loan from H.I.G. Realty Partners.
Located at 1208 Pine St. in Seattle’s Capitol Hill neighborhood, the property will replace an existing parking lot and is slated to include a mix of 71 residential units in addition to other uses. The site is within 1 mile of downtown, adjacent to Interstate 5 and close to various shopping, dining and entertainment venues.
The eight-story, diamond-shaped building is set to include a rooftop deck with a greenhouse, 11,000 square feet of office space, ground-floor retail and one level of underground parking. Tiscareno Associates designed the project.
HFF Senior Director Brandon Roth and Director Zack Goodwin were part of the debt placement team that represented the developer.