3650 REIT Originates $135 Million 10-Year Loan to Refinance Selig Office Portfolio
SEATTLE--(BUSINESS WIRE)--Jun 10, 2019--
3650 REIT (“3650”), a balance-sheet lender focused on creating long-term relationships by originating, servicing and asset managing long- and short-term fixed-rate commercial real estate loans through maturity, has funded a $135 million 10-year, first-mortgage loan to Martin Selig Real Estate to refinance the Selig Office Portfolio, which comprises nearly 403,000 square feet and is located in Seattle, Washington.
The portfolio features three properties: 333 Elliott West; Fourth and Battery, located at 2401 4th Avenue; and Third and Battery, located at 2400 3rd Avenue. The latter two buildings are well-positioned in Seattle’s most densely populated neighborhood, Belltown, while 333 Elliott West resides just north on a conveniently situated stretch of waterfront. The new loan will provide Martin Selig Real Estate with additional capital to continue advancing development initiatives meeting the needs of residents in the thriving Seattle market.
“This loan represented the opportunity to solidify our relationship with a superior sponsor in Martin Selig Real Estate,” said Toby Cobb, Co-Founder and Managing Partner at 3650 REIT. “Ken Dickey and his 10-year, fixed-rate, balance-sheet origination team continue to serve up excellent lending opportunities for our investors. 3650 was able to quickly fund the project, contributing to serving the diverse needs of Seattle office tenants while facilitating the largest loan to date for our 10-year fixed-rate program.”
Martin Selig Real Estate Chief Operating Officer Pete Parker stated, “3650 REIT’s team of veteran real estate professionals is a pleasure to work with. They recognized the quality of the assets and the ongoing growth in the Seattle office market, and worked efficiently to provide a first-class financing product within our designated time frame. We are ecstatic with the result, and look forward to building upon our successful connection with 3650.”
The Selig Office Portfolio is situated in an ideal shopping and waterfront destination, providing office tenants with first-class amenities including easy highway access, local dining options, ample parking, and beautiful views of Elliott Bay. The Seattle office market has shown rental rate growth and lower vacancy in 2019, and is poised to continue providing tenants with an exceptional environment in which to conduct business. Seattle is one of the nation’s leading hubs for a variety of industries, including technology, aerospace and healthcare.
About 3650 REIT
3650 (“Thirty-Six Fifty”) REIT is a balance-sheet lender focused on creating long-term relationships by originating, servicing and asset managing long- and short-term fixed-rate commercial real estate loans through maturity. 3650 REIT’s highly differentiated lending process, national scale and vertically integrated platform enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets with track records of success across CRE lending, mortgage banking, capital markets, loan servicing and distressed credit management. Headquartered in Miami, Florida with offices in New York, Chicago, Dallas and Los Angeles, 3650 REIT is well positioned to lend on properties located throughout the country. For more information, visit: www.3650REIT.com.
About Martin Selig Real Estate
Martin Selig Real Estate is a privately held development company located in Seattle, Washington. It is a fully integrated real estate firm, owing and operating over 5 million SF of office space, and over 1.7 million SF of projects under development in the greater Seattle CBD. For more information, visit: www.martinselig.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190610005383/en/
Gregory Michaels, ICR for 3650 REIT
KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT BANKING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: 3650 REIT
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PUB: 06/10/2019 08:44 AM/DISC: 06/10/2019 08:44 AM