SEATTLE–(BUSINESS WIRE)–3650 REIT (“3650”), a balance-sheet lender focused on creating long-term
relationships by originating, servicing and asset managing long- and
short-term fixed-rate commercial real estate loans through maturity, has
funded a $135 million 10-year, first-mortgage loan to Martin Selig Real
Estate to refinance the Selig Office Portfolio, which comprises nearly
403,000 square feet and is located in Seattle, Washington.
The portfolio features three properties: 333 Elliott West; Fourth and
Battery, located at 2401 4th Avenue; and Third and Battery, located at
2400 3rd Avenue. The latter two buildings are well-positioned in
Seattle’s most densely populated neighborhood, Belltown, while 333
Elliott West resides just north on a conveniently situated stretch of
waterfront. The new loan will provide Martin Selig Real Estate with
additional capital to continue advancing development initiatives meeting
the needs of residents in the thriving Seattle market.
“This loan represented the opportunity to solidify our relationship with
a superior sponsor in Martin Selig Real Estate,” said Toby Cobb,
Co-Founder and Managing Partner at 3650 REIT. “Ken Dickey and his
10-year, fixed-rate, balance-sheet origination team continue to serve up
excellent lending opportunities for our investors. 3650 was able to
quickly fund the project, contributing to serving the diverse needs of
Seattle office tenants while facilitating the largest loan to date for
our 10-year fixed-rate program.”
Martin Selig Real Estate Chief Operating Officer Pete Parker stated,
“3650 REIT’s team of veteran real estate professionals is a pleasure to
work with. They recognized the quality of the assets and the ongoing
growth in the Seattle office market, and worked efficiently to provide a
first-class financing product within our designated time frame. We are
ecstatic with the result, and look forward to building upon our
successful connection with 3650.”
The Selig Office Portfolio is situated in an ideal shopping and
waterfront destination, providing office tenants with first-class
amenities including easy highway access, local dining options, ample
parking, and beautiful views of Elliott Bay. The Seattle office market
has shown rental rate growth and lower vacancy in 2019, and is poised to
continue providing tenants with an exceptional environment in which to
conduct business. Seattle is one of the nation’s leading hubs for a
variety of industries, including technology, aerospace and healthcare.
About 3650 REIT
3650 (“Thirty-Six Fifty”) REIT is a balance-sheet lender focused on
creating long-term relationships by originating, servicing and asset
managing long- and short-term fixed-rate commercial real estate loans
through maturity. 3650 REIT’s highly differentiated lending process,
national scale and vertically integrated platform enable it to deliver
tailored financing solutions, high-touch service and reliable,
customer-focused outcomes. Co-Founders and Managing Partners Toby Cobb,
Justin Kennedy and Jonathan Roth have played leading roles in the
evolution of the CRE debt markets with track records of success across
CRE lending, mortgage banking, capital markets, loan servicing and
distressed credit management. Headquartered in Miami, Florida with
offices in New York, Chicago, Dallas and Los Angeles, 3650 REIT is well
positioned to lend on properties located throughout the country. For
more information, visit: www.3650REIT.com.
About Martin Selig Real Estate
Martin Selig Real Estate is a privately held development company located
in Seattle, Washington. It is a fully integrated real estate firm, owing
and operating over 5 million SF of office space, and over 1.7 million SF
of projects under development in the greater Seattle CBD. For more
information, visit: www.martinselig.com.
Contacts
Media:
Gregory Michaels, ICR for 3650 REIT
[email protected]
| 646-677-1836
