Bank of Ozarks has taken the lead role in financing Clise Properties’ construction of a $284 million, 40-story luxury multifamily development in Seattle’s South Lake Union neighborhood.
The senior construction loan carries a floating rate, while an additional mezzanine loan is fixed with a four-year term, sources said. The latter was provided by EverWest Real Estate Partners in partnership with Diamond Realty, a division of Mitsubishi Corporation.
“The mezzanine financing marks the Japanese lender’s first significant investment in Seattle, demonstrating the strength of the market,” according to a statement from JLL, which arranged the financing through a team led by managing directors John Lo and John Manning, and EVP Alex Witt.
The property at 2202 8th Avenue will total 450 units with floor-to-ceiling windows offering views of Elliott Bay and the Olympic and Cascade Mountain ranges. The property will also feature a 350-stall parking garage.
JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally in 2014. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
Bank of Ozarks was active last year with a string of loans that included a $100m senior loan for the development of a dual-branded W + Element hotel in Center City Philadelphia, Pennsylvania and a $115m loan to finance the construction of an 11-story luxury residential condominium at 527 West 27th Street in the High Line district of Manhattan’s West Chelsea neighborhood.