News October 13, 2022
Madison Realty Capital Refis Seattle Apartment Asset With $32M Loan
Commercial Observer reported that Vibrant Cities, a multifamily real estate development firm creating some of the most community-driven, livable and leading-edge buildings in Seattle and Portland, has secured a $32 million debt package from Madison Realty Capital to refinance a newly completed multifamily mixed-use property in Seattle. Vibrant Cities’ Pivot Apartments, a residential and retail project in Seattle’s Capitol Hill neighborhood has 95 apartments and is 69 percent leased to date. Thirty of the apartment units are fully leased for use as short-term rentals to Sonder USA, a boutique hospitality company and short-term rental manager. The property’s community amenities include an outdoor deck, a parking garage, bike storage and a fitness center. It also contains 4,900 square feet of ground-floor retail space that is fully leased to Wasabi Sushi, La Cocina Oaxaqueña and Social Tea.