Jones Lang LaSalle Inc.
09/17/2024 | Press release | Distributed by Public on 09/17/2024 12:53
$43.5M refinancing secured for The Carter on the Park in downtown Redmond
SEATTLE, Sept. 17, 2024 - JLL Capital Markets announced today that it has secured a $43.5 million refinancing for The Carter on the Park, an iconic 180-unit luxury apartment community in the heart of downtown Redmond, Washington.
JLL worked on behalf of the borrower, Washington Holdings, in arranging the loan through PGIM Real Estate.
Located at 7508 159th Place Northeast, The Carter on the Park is just minutes away from the future Downtown Redmond Link Light Rail Extension and SR-520. With seamless accessibility to major roadways and public transportation nearby, residents can benefit from the complex's close proximity to some of the world's largest tech companies in Redmond, Kirkland and downtown Bellevue. Moreover, the community has a high walkability score, with easy access to boutique retailers, restaurants, shops and entertainment venues.
Built in 2016, The Carter on the Park is a six-story luxury apartment community, situated over 216,220 square feet. The complex offers urban one-, traditional one- and two-bedroom units, all equipped with keyless entry, high-end finishes, stainless steel appliances, fiber internet, high-quality LTV hardwood-like flooring and private patios. Community amenities include a state-of-the-art fitness center, a rooftop deck, tech bar, two-story bike storage facility, co-working spaces and an interior courtyard with fire pits, grilling stations and ping pong.
JLL Capital Market's Debt Advisory team representing the borrower was led by Senior Managing Director Bruce Ganong and Senior Director Seth Heikkila.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
Washington Holdings acquires, develops, manages and invests in real estate assets within the western United States. They target hospitality, multi-family and R&D/Industrial assets in greater Seattle and other major West Coast markets. The company invests directly as well as in joint-venture arrangements with other developers. They are an active supplier of mezzanine debt and preferred equity to other property owners and developers on the West Coast.