EverWest Real Estate Partners is pleased to announce the closing of a $115 million mezzanine loan supporting the development of a Class A luxury residential tower consisting of 447 multifamily units and 6,833 sf of retail in the heart of downtown Seattle's South Lake Union neighborhood. The developer is Clise Properties, a well known & regarded local real estate family. The project is adjacent to the currently under construction 4.1m sf Amazon headquarters campus.
EverWest Real Estate Partners, in partnership with Diamond Realty, the real estate investment arm of Mitsubishi Corporation, provided the mezzanine loan. Bank of the Ozarks provided the senior construction loan. Managing Directors John Lo and John Manning and Executive Vice President Alex Witt led the JLL's Capital Market team on the transaction.
Thomas McCahill, Managing Principal, comments, "This opportunity was particularly unique, bringing together an investment partnership capable of providing such a large mezzanine tranche, which requires us to essentially provide construction funding for the first 19 months of the development. However, the strength of the Clise family sponsorship and their vision for the project, as well as the quality of the team they have assembled - makes this such a compelling opportunity for our partners and EverWest."