Cushman & Wakefield and Greystone jointly announced the firms have assisted the sale and provided acquisition financing, respectively, for Hawthorne Apartments in Seattle, Washington.
Cushman & Wakefield’s Dylan Roeter, Tim McKay, Dan Chhan, and Matt Kemper represented the seller, Battery Street LTD, in the transaction.
In addition to the sale transaction, a Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Paul Roeter, Mitch Rothstein, and Mary Shin represented the purchaser, Felson Companies, in securing $13.13 million in acquisition financing for the property. Greystone’s Michael Zampetti originated the Fannie Mae loan, which was provided by Greystone.
Felson’s business plan includes a light value-add business plan, including unit and common area renovations. “We are very excited to grow our presence in Seattle and will achieve operational efficiencies with another asset we own nearby in the neighborhood. The Hawthorne stood out to us as a compelling opportunity given the excellent location, high parking ratio and early 2000s vintage,” said Adam Felson, Vice President with Felson Companies.
“Our team ran a comprehensive financing process which included a wide variety of lenders including banks, life insurance companies, CMBS lenders and debt funds. The quality of the project and high-quality sponsorship helped us a secure over a dozen financing options. Through that process we were thrilled to ultimately select and partner with Greystone on this transaction,” said Dave Karson, Executive Vice Chair.
“Capitol Hill remains the cultural epicenter of Seattle and one of the densest neighborhoods on the West Coast with countless amenities. The multifamily market here is defined by strong fundamentals, as demonstrated by the Hawthorne Apartments community, which maintains a high rate of occupancy in this institutionally approved submarket,” said Dylan Roeter, Senior Associate.
Originally constructed in 2001, Hawthorne Apartments offers significantly larger and more amenitized units than most new comparable apartment construction. Additionally, key in-unit features include washer/dryer, private balconies and patios, stainless steel appliances, and high ceilings.
The property also has exceptional proximity to key employment centers Downtown Seattle and South Lake Union as well as two universities. The location also boasts a nearly perfect 99 Walk Score and 97 Transit Score, providing easy access to the city’s popular restaurants, nightlife, and social scene.
