{"id":508967,"date":"2021-07-01T11:18:01","date_gmt":"2021-07-01T15:18:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\/"},"modified":"2021-07-01T11:18:01","modified_gmt":"2021-07-01T15:18:01","slug":"cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\/","title":{"rendered":"Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle"},"content":{"rendered":"

<\/p>\n

Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle<\/b><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\nCushman & Wakefield (NYSE: CWK) announced that the real estate services firm served as the exclusive adviser to American Life, Inc. in the procurement of $122.7 million for the refinancing of 255 South King Street, a 717,684-square-foot (SF) office and hospitality asset. The loan was provided by PCCP.\n<\/p>\n

\nA Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg represented the borrower.\n<\/p>\n

\n\u201cWe had strong credit support from the office building which helped offset the softer market demand for the hotel during the pandemic, but this particular hotel is recovering well and the location down by the stadium has become very appealing given access to both Bellevue and Downtown Seattle,\u201d said Karson.\n<\/p>\n

\n\u201cWe are glad that we decided early on to keep the Embassy Suites open, albeit with reduced staffing, during the pandemic so that we could be poised to take advantage of the unique opportunities during the pandemic and could ramp up quickly when demand returned,\u201d said Larry Ice, CFO of American Life. \u201cWe are also pleased, as always, to be working with Dave Karson and his team of expert advisors at Cushman & Wakefield who were extremely knowledgeable and resourceful in helping us place this financing in a challenging environment.\u201d\n<\/p>\n

\n255 South King Street is a LEED Silver-certified property that consists of a 209,476-SF office tower and a 23-story, 282-room Hilton Embassy Suites Hotel with approximately 10,000 SF of meeting and event space, pool, fitness center and parking garage, as well as 17,292 SF of retail. The office tower, which spans 11 stories above a 7-story retail and parking garage podium, is 100% leased. The asset was developed by ALI and completed in February 2018.\n<\/p>\n

\nAlison Beddard, Cushman & Wakefield\u2019s Managing Principal for Washington state, said, \u201cThe Puget Sound Region is a dynamic and cutting-edge market, and Cushman & Wakefield remains committed to the long-term success of our client and our community here. This transaction represents yet another positive sign of Seattle\u2019s prosperous outlook and continued growth.\u201d\n<\/p>\n

\nThe property is located within the Pioneer Square submarket just south of Downtown Seattle and steps from best-in-class amenities, offering tenants and visitors immediate access to numerous retail and entertainment options, as well as mass transit options and major freeways.\n<\/p>\n

About Cushman & Wakefield <\/b><\/p>\n

\nCushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com<\/a> or follow @CushWake<\/a> on Twitter.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210701005664\/en\/<\/a><\/span><\/p>\n

Jayden Lapin-Tatman
\n<\/b>
Senior Communications Specialist
\n<\/span>
212-841-5052
\n<\/span>
Jayden.LapinTatman@cushwake.com<\/span><\/a><\/p>\n

KEYWORDS:<\/b> United States North America Illinois Washington<\/p>\n

INDUSTRY KEYWORDS:<\/b> REIT Consulting Professional Services Commercial Building & Real Estate Construction & Property<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle SEATTLE–(BUSINESS WIRE)– Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm served as the exclusive adviser to American Life, Inc. in the procurement of $122.7 million for the refinancing of 255 South King Street, a 717,684-square-foot (SF) office and hospitality asset. The loan was provided by PCCP. A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg represented the borrower. \u201cWe had strong credit support from the office building which helped offset the softer market demand for the hotel during the pandemic, but this particular hotel is recovering well and the location down by … <\/p>\n

Continue reading “Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-508967","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle SEATTLE–(BUSINESS WIRE)– Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm served as the exclusive adviser to American Life, Inc. in the procurement of $122.7 million for the refinancing of 255 South King Street, a 717,684-square-foot (SF) office and hospitality asset. The loan was provided by PCCP. A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg represented the borrower. \u201cWe had strong credit support from the office building which helped offset the softer market demand for the hotel during the pandemic, but this particular hotel is recovering well and the location down by … Continue reading "Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-01T15:18:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210701005664r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle\",\"datePublished\":\"2021-07-01T15:18:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\\\/\"},\"wordCount\":528,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20210701005664r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cushman-wakefield-arranges-123m-refinancing-of-mixed-use-asset-in-seattle\\\/\",\"name\":\"Cushman & Wakefield Arranges $123M Refinancing of Mixed-Use Asset in Seattle - 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