NEW YORK, Oct. 14, 2022 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has provided a $32 million loan to Vibrant Cities for a recently completed, eight–story mixed–use residential and retail property located in the Capitol Hill neighborhood of Seattle, Washington.
The 95–unit property, known as Pivot Apartments, received TCO in May, and is 69% leased to date. Additionally, Pivot contains 4,900 square feet of ground floor retail space that is fully leased to Wasabi Sushi, La Cocina Oaxaquea, and Social Tea. Thirty of the property's residential units are fully leased for use as short–term rentals to Sonder USA Inc., a boutique hospitality company and short–term rental manager. Located at 1208 Pine Street, Pivot is ideally situated for professionals directly off Interstate 5, within minutes of multiple public transit options, and borders Seattle's Central Business District, home to Fortune 500 companies and popular Seattle tourist destination, Pike Place Market. The Property participates in Seattle's Multifamily Tax Exemption Program by designating 20% of the residential units as affordable.
Josh Zegen, Managing Principal and Co–Founder of Madison Realty Capital, said, "Pivot offers centrally located, flexible short– and long–term living options for Seattle's robust employment market. We are pleased to further expand our presence in the Pacific Northwest by delivering a customized financing solution to Vibrant Cities, an experienced developer in Seattle with an extensive history of delivering high–quality multifamily properties."
Ming Fung, Co–Founder and President of Vibrant Cities, added, "Madison Realty Capital's team deeply understood our vision for Pivot Apartments and its place within Seattle's most dense and hippest neighborhood located within walking distance to the core of downtown Seattle. Their reputation for professionalism and certainty of execution made them the best choice to complete this exciting new development in Seattle's Capitol Hill."
Pivot contains a unit mix of studio, one–, and two–bedroom residences with modern interiors, high–efficiency HVAC systems, LED light fixtures, and built–in closets, with some units offering private balconies and in–unit washer/dryers. Community amenities include an outdoor deck, parking garage, bike storage, on–site office, and fitness center for both long–term and short–term tenants.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of August 31, 2022, manages approximately $9.5 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $21 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been named to Commercial Observer's prestigious "Power 100" list of New York City real estate players. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
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