Oct 29, 2020

$96M refi deal for 9th & Thomas

[enlarge]

Website Commercial Observer recently reported, citing analyst Fitch Ratings, that the Amazon-leased 9th & Thomas building has received a $96 million refinancing loan from Bank of California. The owner of the office building at 234 Ninth Ave. N. is the Redman family (separate from Sellen Construction). Fitch says the 10-year, interest-only loan carries a rate of 3.6%. The new commercial mortgage-backed securities (CMBS) loan retires the old construction loan taken out circa 2016, when the nine-story office project broke ground. Olson Kundig designed the building, which Sellen built. Fitch says the lease for Amazon Fulfillment Services runs through July 2033, with two seven-year options to extend.

Madison Marquette

Almond

Two new hires were recently announced by Madison Marquette, one in Seattle. Heather Almond joins the firm's retail practice as an executive VP. She makes the move from CBRE, and will focus on property management and marketing strategy. Madison Marquette CEO Vince Costantini said in a statement, “These strategic hires augment the firm's growth and scale by adding additional talented resources to an exceptional team of professionals across the country.” Said Almond, “My passion for creating engaging consumer environments and experiences aligns well with Madison Marquette's legacy as an innovative placemaker and vision for its properties.” The firm's local portfolio includes Pacific Place and Bellevue Connection.