Medical Marvel: Downtown Seattle Building Scores Financing Deal
HFF recently arranged financing for a historic medical office building in Seattle’s downtown.
By Alex Girda, Associate Editor
Goodman Real Estate was recently granted a $69.5 million loan for its Medical Dental Building. The HFF debt placement team tasked with arranging the financing was led by Managing Director Casey Davidson. The company managed to secure the 20-year, fixed-rate loan with AXA Equitable Life Insurance Co. through Quadrant Real Estate Advisors.
Located at 509 Olive Way in Seattle’s downtown, the Medical Dental Building offers a total of 294,286 square feet of space. It took two phases to build the asset in 1925 and 1950, and the property’s last major renovation took place in 2008, when around $25 million was invested in upgrades and new lobby finishes, according to a press statement.
The Medical Dental Building currently operates at just 3 percent vacancy, with a robust tenant roster that features 150 names. The Bartell Drug Co. pharmacy occupies 12,606 square feet of the 18-story building’s ground-floor retail space, while Seattle Executive Fitness is also a tenant at the site. However, according to Davidson, family-owned medical practices make up most of the property’s tenant base.
Image courtesy of goodmanre.com