An opportunity to provide financing for a 361-Unit, Class A Multifamily property located in Seattle, WA
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$105 M · 100%
- Property Type
- Deal Type
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Jones Lang LaSalle Americas (“JLL”) has been exclusively retained by Blackstone (BPP) and partner Holland Residential to provide financing for for Juxt, a Class A, 361-unit Property in Seattle, WA. Since the Sponsor’s acquisition in 2016, the Property has demonstrated a successful lease-up strategy and stable operating performance. After navigating pandemic-related headwinds, the Property currently maintains a 94% occupancy rate and has the potential to increase rents by +$300 per unit to align with market rates. Its advantageous location in South Lake Union, which houses major technology firms including Amazon’s global HQ, Meta, Google, and Apple, all within one mile of the Property, contributes to its desirability. Moreover, the area benefits from high average household incomes of $174k within a one-mile radius, with additional apartment demand anticipated due to Amazon’s recently announced return to office policy. The Property is held in Blackstone’s open-ended, core-plus fund, Blackstone Property Partners, L.P. (“BPP US”), which targets substantially stabilized residential and commercial assets primarily in U.S. gateway markets.
The Sponsor is requesting cash-neutral, fixed- and floating-rate, full-term interest-only loan proposals for $105,000,000 in proceeds on a 3+1+1 or 2+1+1+1 term to finance the collateral. Most importantly, term sheets are requested by Friday, June 30th. Closing is anticipated to occur by the end of August.