September 18, 2019 – JLL announces that it has placed a $36 million bridge loan on Bay Vista, a 119,793-square-foot, mixed-use commercial condominium with 173 underground parking stalls in Seattle, Washington.
JLL worked on behalf of the borrower, Madison Marquette, to secure the 36-month, floating-rate bridge loan.
Bay Vista is located at 2815 2nd Avenue just north of the Seattle Central Business District, southwest of South Lake Union and less than half of a mile south of Seattle Center, home to the Space Needle, Pacific Science Center and Key Arena. With a Walk Score® of 96, the property boasts an amenity-rich location with close proximity to numerous mass transit options including bus routes, streetcar lines, bike lanes and car sharing locations. The offering comprises 12 commercial condominium units within the first five floors of the building. The 18 floors above Bay Vista, which were not part of the offering, consist of privately-owned residential condominium units.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Tom Wilson, Director Zack Goodwin and Analyst Kaden Eichmeier.
“Since Madison acquired the property in 2016, Bay Vista has been repositioned as a dominant, technology-oriented office destination for millennial users,” Wilson said. “We were pleased to assist them in refinancing their acquisition loan, which our team placed on their behalf three years ago.”