$69.5 million in financing for mixed-use medical office and retail building in Seattle secured by HFF
PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $69.5 million in financing for the Medical Dental Building, a 294,286-square-foot, historic, medical office building with ground floor retail in Seattle, Washington.
HFF worked on behalf of the borrower, Goodman Real Estate, Inc., to secure the 20-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors.
Constructed in two phases in 1925 and 1950, the Medical Dental Building was renovated in 2008 and received $25 million in upgrades, including new lobby finishes. The 18-story building is 97 percent leased to more than 150 tenants, primarily private medical and dental practices. A 12,606-square-foot Bartell Drug Co. pharmacy leases ground floor retail space, and there is a Seattle Executive Fitness located in the building. Situated at 509 Olive Way between 5th and 6th Avenues in downtown Seattle, the property is adjacent to Nordstrom, just five blocks west of Interstate 5 and one block from Amazon’s new 4.2 million-square-foot campus expansion.
The HFF debt placement team representing the borrower was led by managing director Casey Davidson.
“The Medical Dental Building is such a unique asset due to its location and tenant base,” Davidson said. “Most of the tenants are family-owned medical practices that pass down through generations due to loyal customers who love the building’s location, valet parking and proximity to transportation, including bus and rail lines. Some tenants have been in the building more than 40 years.”
About Goodman Real Estate, Inc.
Founded in 1980 by John Goodman, Goodman Real Estate, Inc. (GRE) is a leading privately held real estate investment company specializing in multifamily and commercial real estate. Headquartered in Seattle, Washington, GRE maintains a diversified portfolio of quality commercial property investments across the United States and Canada. With its managed assets valued more than $2.5 billion, this portfolio spans the spectrum of risk-adjusted investments: multi-family construction; hotels and resorts; office and retail buildings; land development and structured investments. GRE is a company with deep roots in the Pacific Northwest with values reflected through local charitable giving and commitment to local issues. For more information, visit www.goodmanre.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.