February 1, 2017
Development funding to the tune of $325 million was arranged for a 41-story, mixed-use multifamily and hotel property in downtown Seattle’s Belltown submarket. The property, formerly known as Potala Tower, is at 4th Avenue and Blanchard Street. The financing includes a $225 million joint-venture partnership of Molasky Group of Las Vegas, NV, and Binjiang Group of Hangzhou, China, and a $100 million loan. Newmark structured and secured the funding.
“This was an extremely complex capital stack and deal structure with many moving parts,” said George Mitsanas with Newmark. “The project faced numerous hurdles, including salvaging the principal of original investors who are now represented by the new joint venture.” Mitsanas, along with Newmark colleagues Peter Hillakas, Doug Tisdale, Mike Taylor and Patrick Taylor, structured the financing.
The tower will feature 339 apartment units, 142 hotel rooms, and 1,824 square feet of retail space. The project is expected to be completed by August 2018.
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