BREDS, Bank of Ozarks back Seattle offices with $88m

Blackstone Real Estate Debt Strategies (BREDS) and Bank of the Ozarks have provided an $88m short-term construction loan to developer Schnitzer West for its Urban Union office scheme in Seattle, Washington. The loan, which has a term of no more than three years, will finance the construction of a 291,000 sq ft, 12-storey tower at 501 Fairview Avenue North. It is due to complete in March next year.