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SECO Secures $265M Construction Loan for Southport Office Campus

Cushman & Wakefield Arranges Financing for 728,000-SF Project in Renton
February 13, 2018
SECO Development, Inc., a developer that specializes in infill and high-end mixed-use projects, secured a $265 million construction loan for the development of the 727,634-square-foot Southport Office Campus at 1101 Lake Washington Blvd. N. in Renton, WA.

Dave Karson, Steve Kohn, Gideon Gil, John Alascio, Chris Moyer and Alex Lapidus of Cushman & Wakefield’s Equity, Debt and Structured Finance team arranged the financing on behalf of the borrower, placing the loan with Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI).

“The market for construction and transitional financing has dramatically improved over the past year, with spec office and retail on the radar of more lenders and investors. Special projects like Southport are attracting capital and tenants from around the world,” noted Karson in a release. “Much like New York there’s a long line of capital trying to figure out the best way to get into this market [Seattle] as the boundaries of the city are expanding.”

Southport will be in part of SECO’s “Southport on Lake Washington,” a 2.4 million-square-foot, mixed-use development. Upon delivering in the fourth quarter of this year, the campus will feature three nine-story buildings, with Building 2 being the largest of the three towers at 244,492 square feet. The project also will include 10,279 square feet of retail space and a parking garage with 2,120 parking spaces, which will stand adjacent to SECO's neighboring Hyatt Regency and Convention Center.
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