1000 Denny Street
$57,000,000 Office Loan from CMBS Lender
This office property is well located in South Lake Union, near downtown Seattle, on 1000 Denny Street. Originally built in 1929, and renovated in 1965, the building hosts a mix of tenants from a newspaper (as the anchor tenant), offices, and a data storage business; Because of this, the deal came which some challenges, but PSRS found the borrower a CMBS lender who was able to work around the different tenant types, leases, and other mitigating factors. PSRS reassured the lender by showing them proof of the borrower good track record and experience, and came through with a 10 year, 60% LTV, interest only, cash out loan.