January 11, 2017
Greenbridge Investment Partners secured $73 million in non-recourse financing to assist in creative office conversion of the Seattle Design Center in the Georgetown submarket. Steve Bram with George Smith Partners arranged for the financing from the unidentified lender.
Greenbridge Investment acquired the two-building design center in 2014 for $24.9 million. Since that time, the owner rebranded the buildings. The 157,000-square-foot Building 1 is now the Seattle Design Center, while the 280,000-square-foot Building 2 was renamed Georgetown Squared, or G2. The asset is at 5701 6th Ave. S.
The loan closed at 59.7% loan-to-stabilized value, at a competitive LIBOR spread for a 24-month term, with one 12-month option. At closing, $49 million was funded, with an additional $24 million used to pay for renovation, construction, tenant improvements and commissions at G2.
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