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.
The debt was arranged by Pittsburgh-based real estate debt brokers, Holliday Fenoglio Fowler (HFF).
Schnitzer West is believed to be in discussions with a number of businesses interested in occupying the office block. It will target technology, advertising, media and information companies to lease the space.
Urban Union will comprise an indoor and a rooftop conference centre, a gym and a concierge service, and a 392-space underground carpark.
HFF also placed this week a $24m, five-year facility with East West Bank on behalf of retail developer Pine Tree Commercial Realty.
The floating-rate loan refinances the Hazel Dell Towne Center shopping mall in Vancouver, Washington.
Built between 2005 and 2007, the 41.7-acre retail outlet is 84% leased and includes tenants such as department store Kohl’s, stationery outlet Office Depot, and discount retailer Target.