Multifamily development in Seattle receives $32m loan

Madison Realty Capital has provided a $32 million loan to Vibrant Cities for a recently completed, eight-story, mixed-use residential and retail property located in the Capitol Hill neighborhood of Seattle.

The 95-unit property, known as Pivot Apartments, received TCO in May, and is 69 percent leased. Additionally, Pivot contains 4,900 square feet of ground floor retail space that is fully leased to Wasabi Sushi, La Cocina Oaxaqueña, and Social Tea. Thirty of the property’s residential units are fully leased for use as short-term rentals to Sonder USA Inc., a boutique hospitality company and short-term rental manager. Located at 1208 Pine St., Pivot is located directly off Interstate 5, within minutes of multiple public transit options, and borders Seattle’s Central Business District, home to Fortune 500 companies and popular Seattle tourist destination, Pike Place Market. The Property participates in Seattle’s Multifamily Tax Exemption Program by designating 20 percen