CBRE Capital Markets’ Debt & Structured Finance team has been exclusively engaged to capitalize the $125 million Koda Condominiums, a 204-unit transit-oriented development located at 5th and Main in downtown Seattle, Washington. John Lo, Senior Vice President out of CBRE’s Seattle office, is arranging the financing on behalf of the sponsor, DA LI Development USA.
Koda Condominiums, located at 450 South Main Street, is surrounded by more than 22 million square feet of office space, incorporating a diverse mix of new and established companies making their mark on the downtown area, with Dropbox, Pixar, HTC, Weyerhaeuser, Skytap, Intel and EMC2 all located within a few blocks. The development offers a walk score of 98/100 and an unparalleled transit score of 100/100, thanks to direct proximity to the Seattle streetcar, metro routes as well as the region’s two primary train stations, Union Station and King Street Station. Additionally, the Interstate 5 and Interstate 90 intersection is less than one mile away.
“High-end finishes, technology focused improvements, attractive amenities coupled with an exceptional cost/commute value proposition have helped generate immense interest and demand for Koda Condominiums,” said Mr. Lo. “Over 97% of the inventory was reserved within the first week of marketing, with more than 30% of the inventory double or triple covered.”
Koda Condominiums is expected to begin construction in October of 2018, with an estimated completion in July 2020.
Image courtesy of KMD Architects.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
